Russell Golden to be Next FASB Chairman
Russell G. Golden will be promoted to the post of chairman of the Financial Accounting Standards Board (FASB), effective July 1, 2013, officials say. Golden will succeed Leslie F. Seidman, whose term as FASB chairman ends on June 30. The board of trustees of the Financial Accounting Foundation (FAF), which oversees FASB, made the appointment official last week. Seidman has served more than 15 years as a FASB staff member, board member, and chairman.From 2008 to September 2010, Golden was technical director of FASB, overseeing standards-level projects, including major projects and technical application and implementation activities. He also chaired the FASB’s Emerging Issues Task Force (EITF). Previously, Golden was appointed in July 2007 to the position of director of technical application and implementation activities for FASB. Golden managed FASB activities relating to the application and implementation of accounting standards and other board pronouncements, officials say.
Prior to joining the FASB as a senior technical advisor in 2004, Golden was a partner at Deloitte & Touche in the National Office Accounting Services department where he was responsible for providing accounting consultations to partners and clients throughout the U.S. and globally.
Golden, who has served as a FASB member since his appointment in September 2010, will have an initial term as FASB chairman that will extend to June 30, 2017, officials say. At that time, he will be eligible to serve another term of three years. (FASB members are limited to serving a total of ten years on the board.)
Paladyne Gets Two Development Teams via Numerix Deal
Investment management solutions provider Paladyne Systems has hired the Toronto- and Hong Kong-based development teams of Numerix as part of a deal whereby Paladyne secured the rights to the source code, development rights, and unlimited distribution rights for the Numerix Portfolio Risk product, officials say. Sameer Shalaby, president of Paladyne, which is owned by Broadridge Financial Solutions, will not disclose the size of the development teams. The Paladyne product suite, which has integrated the Numerix Portfolio Risk, offers functionality that covers middle and back office needs such as portfolio management, position keeping, reference data management, NAV generation, trade affirmation/confirmation (through third parties), reconciliation, and portfolio accounting, Shalaby says.
Quadron Hires from COR Clearing for Q-Suite Push
Data management solutions provider Quadron Data Solutions has appointed Richard Thoeny as senior vice president of product management to lead the effort for the Q-Suite products line, officials say. Thoeny will oversee integrations and product direction and work with independent broker-dealer clients. He will report to Sheri Facinelli, executive vice president for strategic marketing and sales for Quadron.
Before his post at Quadron Data Solutions, Thoeny has served in several senior roles across the financial services industry, including the investment, brokerage and software development companies. Most recently, he was senior vice president of operations at COR Clearing, overseeing workflows and performance across all departments, officials say. Thoeny also held positions at Comprehensive Software Systems as the vice president of product management and at HybridTrading where he was the chief operating and compliance officer.
Quadron is an affiliate of Fetter Logic, which provides solutions for the front, middle and back offices and offers services directly to its clients and to clients of Quadron and TransAd Partners, officials say. Quadron offers solutions for independent, bank and insurance broker-dealers. The company’s core platform includes DataPro, a proprietary data warehouse.
Collaborative Consulting Recruits Three from eBusinessware
Collaborative Consulting has recruited three executives from the wealth management practice of eBusinessware, which offers IT services to the asset management industry, officials say.
The three are a wealth management veteran Gary Jones, a financial technologist Sandeep Singh and a business development veteran Sean Dykhouse. They will help expand Collaborative’s existing systems architecture and implementation capabilities.
These hires are intended to bolster Collaborative Consulting’s managed accounts practice, following the acquisition of the SMART Consulting Firm in July 2012, officials say. The acquisition added to Collaborative’s business development, enterprise and project management offerings to the capital markets industry. The SMART practice is based in offices at 77 Water St. in Manhattan. Collaborative is headquartered in Burlington, Mass.
Jones has more than 25 years of experience in the managed solutions industry having worked as a part of the leadership team in Merrill Lynch’s Advisory solutions business. He supports the Money Management Institute (MMI) as a private consultant in its effort to bring greater efficiency to the managed solutions industry, officials say.
MoneyMate Expands Sales Team for Fund Transparency Services
A specialist provider of managed data services to global asset managers and their service providers, MoneyMate has appointed Ashley Smith as senior vice president (SVP) of European sales, officials say. Smith has more than 20 years of international experience in the market data, data management and risk management markets.
Based in London, Smith will drive MoneyMate’s Look-Through Reporting Utility, which helps global asset managers and insurers “look-through” transparency over their investments. The utility is a fully permissioned product with look-through capabilities for multi-level fund-of-fund structures. It is intended to help asset managers required manage higher levels of transparency into the investments of their insurance company clients.
Before MoneyMate, Smith was senior sales executive at IBM Risk Analytics, so named after IBM acquired Algorithmics. He has also held senior sales and commercial roles with the Financial Times Group, Interactive Data and ValueLink, focusing on the asset management and asset servicer verticals, pension funds and insurers, officials say.
Headquartered in Dublin, Ireland, MoneyMate has offices in London, New York, Boston, Milan and Stockholm.
Polaris Launches Financial Technology Development Center
Polaris Financial Technology, maker of an application suite for financial services firms that exploits a service-oriented architecture (SOA), has launched its 8012 FT Design Center in Chennai, India, the first such center dedicated to financial technology, officials say. The center’s opening featured Michael Harte, group executive, enterprise services and chief information officer (CIO) for the Commonwealth Bank of Australia.
The 8012 FT Design Center stretches out over 30,000 sq. ft. and is located on the 22-acre Polaris campus on the “IT Highway” of Chennai, officials say. The Center is the result of more than two decades of Polaris’s focus on the banking and financial services vertical
The Center offers domain-targeted solutions, proprietary frameworks and methodologies for creating solutions.
SmartStream Finds a Partner in Brazil
An IT solutions and services company in Brazil, BRQ will distribute, implement and support SmartStream’s Transaction Lifecycle Management solutions across the Brazilian market, officials say. The offerings will span front, middle and back-office operations. The alliance partners will initially allow BRQ to resell SmartStream’s reconciliation products to banks, capital markets firms and domestic cards and payments operations.
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