Thomson Reuters to Cut 3,000 Jobs
Market data products and systems vendor Thomson Reuters will be cutting 3,000 jobs, mostly from its Financial and Risk division, according to an internal memo that emerged at the same time as the company’s reporting of third quarter results.The financial results include a $350 million charge that will facilitate the layoffs for a division that had positive sales in the third quarter for the first time in over two years, say company officials. Yet the layoffs are in line with the company’s ongoing efforts to transform and simplify its offerings and operations.
The company, with 60,000 employees across 100 countries, foresees “ample opportunities to simplify” operations, strengthen its value proposition and drive organic growth, says Jim Smith, president and CEO of Thomson Reuters, during a results presentation with analysts. “We remain confident in the overall trajectory of the company,” he says.
Overall, revenues from the company’s ongoing businesses grew 2% (before currency) from the prior-year period to $3.1 billion, reflecting a tough market for Thomson Reuters’ offerings. Stephane Bello, chief financial officer for Thomson Reuters, adds that despite difficult market conditions caused by the Great Recession, the company has “turned the corner in our finance business.”
BI-SAM Hires Performance Measurement Expert
Performance measurement vendor BI-SAM has hired Andrew Frongello, creator of the Frongello Method, to be its director of learning and development, officials say. Frongello will be responsible for coordinating BI-SAM’s client training programs.
Frongello, who has 15 years’ experience in investment management performance, developed a method for linking single period arithmetic attribution results. He has also published many papers in the Journal of Performance Measurement, and was a contributing author of the CFA Institute’s CIPM performance designation exams.
He will “further enhance the design and delivery of BI-SAM’s existing client training resources” for BI-SAM’s B-One solution, officials say. Frongello will be based in BI-SAM’s Boston office.
Ex-Akamai VP Joins Misys as Chief Marketing Officer
Martin Häring has left cloud-based content and application delivery network provider, Akamai, where he was vice of president marketing and channels to join Misys as chief marketing officer, officials say.
Häring has more than two decades of experience in marketing and strategic business development, officials say. He has had previous roles at IBM, Sun Microsystems and Oracle, where he was most recently vice president worldwide field marketing for Oracle’s Server Line of Business.
“We have realigned our business to meet the needs of our customers more effectively and have started to expand our footprint,” says Frank Brienzi, president and Chief Sales Officer for Misys, in a statement about Häring’s appointment to CMO. “The last financial year saw our software business grow by more than 30% and the marketing strategy and execution will be critical to continue that growth going forward.”
ICAP’s SEF CEO from CME Group
ICAP, an interdealer broker and post-trade risk mitigation and information services vendor, has appointed Laurent Paulhac as its managing director and CEO of ICAP SEF (US) LLC, reporting to Michael Spencer, ICAP’s Group CEO, officials say.
ICAP SEF will operate markets across multiple asset classes, including interest rate and credit default swaps, equity derivatives, commodities and NDFs. ICAP offers trading in cleared and uncleared swaps and intends to operate central limit order books (CLOB) and request for quote (RFQ) systems, and will offer block trade capabilities, electronic crossing and execution via brokers.
Based in New York, Laurent will oversee ICAP’s global SEF initiatives and strategic direction as regulatory reforms take effect for over-the-counter derivatives. He will also be responsible for the company’s alliances and partnerships with exchanges and clearinghouses. Laurent will also be involved in managing i-Swap in the U.S., ICAP’s electronic trading platform for OTC interest rate derivatives.
Officials say Laurent joins from the CME Group where he was senior managing director for interest rate and OTC products and services and was responsible for CME Group’s global interest rate and OTC business strategies. Prior to CME, he served as CEO of CMA, a provider of credit derivatives market data.
Black River Asset Management Names PM for Key Fund
Black River Asset Management, which provides hedge fund and private equity solutions to institutional investors, has named Adam Tyrrell as portfolio manager to the Black River Equity Relative Value Fund, officials say. Tyrrell has more than 25 years of experience including senior investment roles at OVS Capital, Henderson Global Investors, CFSB and Bankers Trust.
Tyrrell is part of a team whose relative value trading strategies are founded upon two decades of proprietary trading experience at privately held Cargill, officials add. He will report to the senior portfolio managers of the Black River Equity Relative Value Fund, Jack Clarke and Martin Smith, and will be responsible for providing idea generation, analysis and trade construction.
Lord, Abbett Adds Five Partners
Money management firm Lord, Abbett & Co. LLC, has appointed five partners, officials say. The new 2013 Lord Abbett Partner appointments are:
- Alexander I. Crawford — chief risk officer, domestic equity investments;
- Joseph Gulli — director of municipal bond research;
- Todd D. Jacobson, CFA — portfolio manager of International Small Cap Equity;
- John K. Forst — deputy general counsel;
- Frank Paone, CIMA, AIF — director of Institutional Investor Services
Lord Abbett has been managing equity and fixed-income products for more than 80 years, and currently oversees approximately $136 billion (as of September 30, 2013) across mutual funds, institutional, and individually managed accounts, officials say.
Abacus Group Opens in Dallas
Abacus Group, a vendor of hosted IT solutions for hedge funds and private equity funds, has opened a new office in Dallas to help support a growing client base in that market, officials say.
Abacus Group’s expansion, which included the addition of 57 new funds this year, was prompted by increased demand in the Dallas market from new and existing fund managers, officials add.
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