Mary Schapiro Crosses the Aisle to Join Promontory
Mary Schapiro, former chairman of the SEC
Mary Schapiro, the former chairman of the SEC, has crossed the aisle to the private sector and joined consultancy Promontory Financial Group as managing director and chairman of the governance and markets practice, say officials.The Washington, D.C.-based Promontory, which offers strategy, risk management, regulatory, and compliance consulting, hopes that Schapiro will add to its offerings in capital markets, hedge fund and private equity advisory and compliance services, officials say.
Noting that the private sector—“especially investors”— has the largest stake in the regulatory process, Schapiro says she will work to evolve “norms for corporate governance and regulatory compliance,” according to a prepared statement. “This is important not only to companies, but also to our markets and to global prosperity.”
At Promontory, Schapiro will work with clients on the quality of corporate governance, and advise them on risk management.
The first woman to serve as SEC chairman, Schapiro held the post from 2009 to 2012. She also holds the rare distinction of having been chairman of the SEC and the CFTC. She was also FINRA CEO from 2007 to 2008.
Barclays Bolsters Cash Management via Hire from JP Morgan
Barclays’s new global head of liquidity product Yera Hagopian, who joins from JP Morgan, will drive the global liquidity push as part of the bank’s build-out of its cash management platform, officials say.
Hagopian, within the cash management team, will oversee the delivery of Barclays’ liquidity and integrated liquidity solutions to corporate, financial and non-bank financial clients.
At JP Morgan, Hagopian was EMEA head of liquidity. Before that position, she was responsible for liquidity services at HSBC for 11 years where she coordinated and developed HSBC’s global liquidity management.
“Cash management is an important driver of the corporate banking strategy at Barclays, and as such this is an exciting time to be joining the team,” says Hagopian in a prepared statement.
Omgeo Taps Goldman, State Street & DTCC for Board Posts
Edward Hazel of Goldman Sachs, Richard Taggart of State Street’s Investment Management Services (IMS) and Susan Cosgrove of the DTCC have joined post-trade services provider Omgeo’s board of managers.
The new members will replace outgoing board members John Devine, formerly of Threadneedle Asset Management, Peter Johnston, a managing director at Goldman Sachs, and Donald F. Donahue, the former president and CEO of the DTCC, officials say.
Omgeo’s board consists of 11 representative members of the financial industry.
Hazel, the global co-head of securities operations for Goldman Sachs, is a member of the firm’s operations operating committee and operations risk committee. He also serves as co-chair of the Americas Regional Managers Forum. Hazel has been with Goldman Sachs since 1979 and has held many leadership roles in the operations division and was named managing director in 2001.
A senior vice president at State Street Global Services, Taggart joined the firm in March 2012 to head the IMS business in North America. He oversees business management and client service for investment manager clients using State Street’s middle-office services. Taggart has also held leadership posts at Alliance Bernstein, Morgan Stanley and JPMorgan Chase, and served on the board of the DTCC.
As the managing director and general manager of settlement and asset services at DTCC, Cosgrove is responsible for the settlement, underwriting, custody, securities processing, corporate action processing, and tax and issuer services businesses. She is also a member of the DTCC’s operating committee, management risk committee and the strategy and planning council. Cosgrove has also worked at Lehman Brothers, Maxcor Financial Group and PricewaterhouseCoopers.
Grant Thornton Expands US Financial & Restructuring Teams
Grant Thornton’s new US Financial Services Advisory leader Nigel JN Smith has been tapped to play a key role in expanding the solutions and capabilities the consultancy offers across its advisory services for financial firms, officials say.
Smith joins from Accenture, where he headed the North American Financial Services Management Consulting practice and oversaw its financial services innovation center in North America. Smith has served large clients in the areas of business strategy, risk and finance, performance management, CRM and organization and talent management.
He began his career in the bank training program at JPMorgan in London, officials say. He advanced to management consulting at Andersen Consulting and stayed with the firm as it developed into Accenture.
Grant Thornton also added to its Corporate Advisory and Restructuring Services offerings via the hiring of Kenneth Simon as managing director and Ryan Maupin as director, officials say.
Simon specializes in financial advisory services to unsecured creditors’ committees and has worked on more than 100 cases during the past 30 years. He has advised committees in middle market and in large and complex bankruptcies such as Syms, Filene’s Basement, Footstar, Alexander Stores, Gottschalks, Sharper Image, Steve & Barry’s Manhattan, Global Crossing, Towle Manufacturing, Guilford Mills, Oakwood Homes and Acme Metals. Prior to joining Grant Thornton from Loughlin Management Partners + Co, Simon worked for Ernst & Young, Deloitte and BDO.
Maupin has rejoined Grant Thornton from KPMG’s Special Situations Advisory group, officials say. In 2010, Maupin participated in Grant Thornton’s international secondment program at member firm, Grant Thornton Specialist Services (Cayman) Ltd. He assisted joint official liquidators in the winding-up of Cayman-based hedge funds and certain entities of a large principal investment firm with assets listed at $9.2 billion. In all, Maupin has more than 10 years of restructuring and financial advisory experience.
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