In other news, State Street Digital and Baton Systems hire, JPMorgan acquires, and SIFMA promotes to fill a key post.
Goldman Sachs Completes a Bitcoin NDO Trade
Goldman Sachs and Galaxy Digital Holdings Ltd. have executed the investment bank’s first over-the-counter (OTC) cryptocurrency transaction in “the form of a Bitcoin non-deliverable option (NDO),” officials say.
Galaxy, which is a global provider of blockchain and cryptocurrency financial services for institutions, reports that the transaction “marks the first by a major bank in the U.S.” It is also the second Galaxy-Goldman Sachs crypto effort, following a CME Group Bitcoin futures transaction last year, officials say.
The Galaxy Digital trading platform offers liquidity via centralized exchanges and OTC markets, officials add. The company has relationships with spot and futures exchanges, digital asset exchanges, custodians, and fiat banking partners.
“We are pleased to continue to strengthen our relationship with Goldman and expect the transaction to open the door for other banks considering OTC as a conduit for trading digital assets,” says Damien Vanderwilt, co-president, and head of global markets at Galaxy Digital, in a prepared statement.
“We are pleased to have executed our first cash-settled cryptocurrency options trade with Galaxy,” says Max Minton, Asia-Pacific head of digital assets for Goldman Sachs, in a statement. “This is an important development in our digital assets capabilities and for the broader evolution of the asset class.”
Galaxy Digital is based in New York City and has offices in Chicago, London, Amsterdam, Tokyo, Hong Kong, the Cayman Islands, and New Jersey.
State Street Digital Fills Three Top Posts
State Street Corp. reports that State Street Digital, the firm’s digital division, has added three digital veterans to its leadership ranks.
Katie Richards joins as global head of operations and Marcus Grubb as global head of product. Both report to Nadine Chakar, who heads State Street Digital, officials say.
Additionally, State Street reports that Derren Selvarajah has joined as product PMO lead for the product strategy group. Selvarajah reports to Grubb.
Based in Zurich, Richards, a 25-plus-years veteran who is based in Zurich, will drive “the execution of State Street Digital’s strategy and developing sustainable and scalable operational solutions.”
Richards previously served as CEO of Cyber Capital, a crypto investment management company, and before that, held senior positions at Falcon Private Bank, UBS, and Credit Suisse.
Grubb, based in London, will be responsible for “developing and driving end-to-end product strategy for State Street Digital.” Previously, he was a director of market development and senior advisor for the World Platinum Investment Council, managing director of investment, global spokesperson and strategist for the World Gold Council, and CEO of Swapstream, a derivates exchange system, according to the State Street statement.
Selvarajah, based in London, has “extensive experience in securities services, wholesale banking, financial markets processing and platforms across asset classes and geographies,” per the statement, which also notes that, previously, he worked with Standard Chartered Bank as global head of securities service tech, innovation, digital transformation and delivery. — L.Ch
JPMorgan Buys ‘Global Shares’
Mary Callahan Erdoes
JPMorgan plans to acquire Global Shares, a cloud-based provider of share plan management software, so that the investment bank can partner with corporates globally and deliver a range of wealth management solutions to Global Shares’ equity plan participants, officials say.
“The addition of Global Shares is complementary across our entire J.P. Morgan franchise from new client acquisition for our Global Private Bank and U.S. Wealth Management businesses to provi0ding new, innovative capabilities to private and public companies globally and helping their employees manage their wealth,” says Mary Callahan Erdoes, CEO, JPMorgan Asset and Wealth Management, in a prepared statement.
The terms of the acquisition have not been disclosed and the transaction is expected to close in the second half of 2022, officials say.
Global Shares, which was founded in 2005, has a client base of more than 600 corporate clients, officials say. Global Shares has nearly $200 billion in assets under administration across 650,000 corporate employee participants, officials say.
The company has more than 600 employees headquartered in Cork, Ireland, and 16 further locations across Europe, the Middle East & Africa, North America, and Asia Pacific. Global Shares has partnered with specialist fintech investor Motive Partners since July 2018.
“Over time, JPMorgan will integrate Global Shares into its Asset & Wealth Management line of business, supporting the next phase of Global Shares’ growth agenda,” officials say.
Baton Systems Fills Key Post for North American Sales
Baton Systems, a fintech that specializes in post-trade distributed ledger technology (DLT), reports the appointment of Ronn Baker as senior director of North American sales. Another term for “distributed ledger technology” is “the blockchain.”
Baker was previously employed by Wells Fargo, where he was most recently director of innovation and digital strategy, spearheading the implementation of DLT, cryptocurrencies, and digital assets for the FX trading and capital markets division, according to a Baton statement. He will report to Alex Knight, Baton’s global head of sales. Baton was founded in 2016. — L.Ch
SIFMA Names Head of Asset Management Group
Lindsey Keljo
SIFMA reports that Lindsey Keljo has been promoted to head the association’s asset management group (AMG). Most recently, Keljo was a managing director for the AMG and an associate general counsel.
She joined SIFMA, a trade association for broker-dealers, investment banks and asset managers operating in the capital markets, in 2014, from Squire Patton Boggs, where she “advised financial institutions, corporations, and asset managers on a wide range of financial services legislative and regulatory developments,” per the statement.
As managing director, head of the asset management group and associate general counsel, Keljo’s mandate includes managing AMG “in coordination with the broader SIFMA advocacy, legal, regulatory, operations and membership staff,” per the statement.
She is based in Washington, D.C., and will report to Joseph Seidel, SIFMA’s chief operating officer (COO), and also will be a member of SIFMA’s management committee. — L.Ch
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