Omgeo Picks a Director of Industry Relations
Post-trade services provider Omgeo has named Jeff Kiley to be director of industry relations for the Americas in a role that will focus on partnering with the industry for increased efficiency and reduced risk initiatives for market participants.A 25-year industry veteran, Kiley was most recently vice president and managing director in prime services at JPMorgan in New York, officials say. He was responsible for sales and relationship management for broker/dealers, banks and insurance companies. Before JPMorgan, Kiley had senior roles at Bear Stearns, Pershing/Bank of New York and SG Cowen.
One of the key initiatives Kiley will address is the Match-to-Settle initiative under discussion via securities industry advocate SIFMA. He and Omgeo will also work to accelerate settlement cycles for US equities and fixed income from the current T+3.
“With a proven track record of results that span strategy, product, risk and credit, compliance, and technology, Jeff is uniquely positioned to help Omgeo promote meaningful industry change, and is a much welcomed addition to our team.” said Tony Freeman, executive director of industry relations at Omgeo, in a prepared statement.
Charles River Opens Hong Kong Office
Front- and middle-office investment management solutions provider Charles River has opened a regional sales office in Hong Kong to support its growth across the Asia-Pacific region and to meet growing demand for the Charles River Investment Management Solution (IMS), officials say. The IMS software is used for portfolio management, order and execution management, performance measurement and risk, and compliance.
With the new Hong Kong office, Charles River now has five local offices throughout Asia-Pacific, including Singapore, Melbourne, Tokyo and Beijing. The vendor says that it is seeing growing demand among local firms and international asset managers across the region.
Through the Hong Kong office, Charles River will provide its clients implementation and consulting services and local support for more than 130 Asia/Pacific clients, including 30 in Hong Kong and Greater China, says Cameron Field, managing director—APAC for Charles River. “Charles River opened its first APAC office over a decade ago,” says Field in a prepared statement.
LME Clear Gets a Chief Risk Officer from LCH.Clearnet
LME Clear, a key component of the self-clearing program of the London Metal Exchange (LME), will have a chief risk officer in Chris Jones starting early next year, say LME officials.
For the past two decades, Jones has worked for LCH.Clearnet Group Ltd., and most recently as a managing director and chief risk officer. During his tenure at LCH.Clearnet, Jones has worked on developments in risk and clearing, including regulatory changes, the launch of several clearing services in new markets and active management of major defaults such as those of Lehman Brothers and MF Global.
Officials say the LME Clear service is expected to go live in 2014.
CEBR: London to Lose 13K Financial Services Jobs
London will lose 13,000 financial services jobs in 2013 and total employment may drop to even lower levels in 2014 that rival those of 1993 , according to new estimates from the Center for Economics and Business Research (CEBR).
“Financial service firms in London have been trimming job levels since the great recession of 2008-09, but with pressure in the sector remaining, deeper cuts into the muscle will be made,” according to the CEBR.
CEBR estimates that the average number of London jobs is “likely to be down to 237,000 in 2013 and 236,000 in 2014—down from 354,000 in 2007. This will be its lowest level since 1993. The new forecast is a downward revision from the prediction of 256,000 jobs in 2013 made six months ago.
The job cuts reflect a collapse in many trading areas for London firms in mid-2012, according to the CEBR. Equity trading, for instance, dropped by “20% in value year on year” while international orders for equity trading fell by 50%. These trends reverse a boom last year in gilts trading, which is down by a third, reflecting the increasing proportion locked up by the Bank of England.
London is the capital of FX trading but currency trading is down 5% this year, which is the first fall since 2009, according to CEBR. Mergers and acquisitions in the UK fell by one-third in 2012 and international M&A dropped more. “Even the formerly dominant derivatives sector is also down by around a fifth so far this year,” the CEBR says. The high points were in the private equity sector “and technology M&A seems to be holding steady.”
The CEBR forecasting models “indicate at best stabilization during 2013/14 and a gentle rise thereafter.”
“The fall in activity is partly a function of the weak economy, partly a hangover effect from the financial crisis and partly caused by increasing regulation which limits access to bank cash to bankroll financial transactions,” says Douglas McWilliams, CEBR CEO. “The business model for many firms in the City—which was based on taking a percentage from yields of 8% plus—has to change in a world where low yields are likely for many years to come.”
Wall Street Access Takes 12 from Rodman & Renshaw
Wall Street Access has added a global equities trading team of 12 from broker-dealer Rodman & Renshaw after that firm moved to a new business model. The addition expands the diversified financial services firm’s offerings to include market-making capabilities, officials say. Wall Street Access, which has offices in Manhattan and Tinton Falls, N.J., now offers asset management, institutional research, execution, and brokerage services.
The new team includes Dana Pascucci, who is now managing director of institutional sales and trading, a title he held at Rodman & Renshaw.
Other senior team members include Vincent Pelosi, senior vice president of institutional sales and trading; and Dean Esposito, Patrick Clarke, and Gregg Bouwmans, vice presidents of institutional sales and trading. The other team members are Joseph Grieco, Matthew Treacy, Thomas Ajello, James Fradella, Rob Trimble, and Keith Knox.
“Financial services firms are challenged right now, with many ultimately being forced to either restructure or exit the business,” says Sean Kelleher, president of institutional sales and trading at Wall Street Access.
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