In other People Moves, the CFTC has a key departure, Asset Control fills a client services post, Panmure’s CFO is leaving, and UBS bolsters its Asia-Pacific wealth management push.
CFTC Shuffle: Aitan Goelman to Exit
As expected, the CFTC designated J. Christopher Giancarlo, a current commissioner, as the acting chairman of the CFTC on January 20. At the same time, just as the Trump team took power Aitan Goelman, a key enforcement director for the futures, options and swaps regulator, announced his plans to leave.
A Republican, Giancarlo joined the CFTC on June 16, 2014 after being confirmed as a commissioner by the U.S. Senate on June 3, 2014. He succeeds Timothy Massad, who has served as CFTC chairman since June 5, 2014, but decided to step down before the inauguration of the Trump administration. Massad made his resignation official on Tuesday, Jan. 3, in a letter to President Obama, and his resignation took effect on Jan. 20.
Before joining the CFTC, Giancarlo was the executive vice president (EVP) at interdealer broker GFI Group Inc.; served as EVP and U.S. legal counsel of Fenics Software; and was a corporate partner in the New York law firm of Brown Raysman Millstein Felder & Steiner. In addition, he was a founding co-editor-in-chief of eSecurities, Trading and Regulation on the Internet (Leader Publications), officials say.
With Massad’s departure, the CFTC will have only two commissioners — Sharon Y. Bowen, who has been serving since June 9, 2014, and was appointed for a five year term; and Giancarlo. The Trump team will be working with Congress to fill the vacancies for the regulator.
The CFTC also announced that Goelman will leave February 3, 2017.
During Goelman’s tenure, the division “brought a number of first-in-kind cases utilizing the new enforcement authorities created by the Dodd-Frank Wall Street Reform and Consumer Protection Act,” according to the CFTC. “The division also imposed and collected a record amount of monetary sanctions as it fulfilled its mission of protecting investors from being victimized by fraud and manipulation, and safeguarding the integrity of the financial markets overseen by the Commission.”
Under Goelman, the division imposed “more than $7 billion in monetary sanctions against a wide array of defendants. These actions include record fines and collections for a single case, as well as record totals for a single day and for a fiscal year,” CFTC officials add.
Asset Control Names Head of Client Services
Vendor Asset Control reports the appointment of Simon Rayfield as head of client services, effective immediately. Rayfield will be part of the senior management group, according to a statement.
Rayfield “brings the experience of a 25 year career in the financial services and IT industries, including 10 years in futures trading; six years in IT consultancy; and latterly 10 years in client services roles within financial data and application software & services,” the Asset Control statement notes.
He joins from IHS Markit, where he was global head of client services, and will be based at Asset Control’s City of London headquarters.
Rayfield will be responsible for customer support, professional services, managed services, training and it support globally to “ensure consistent implementation of best practice across customer service and support,” the company says.
CFO Leaving Panmure Gordon & Co.
Panmure Gordon & Co. plc, an institutional stockbroker and investment bank, reports that Philip Tansey has served notice of his intention to step down from the board as a director, effective at the end of January 2017, and also leave as chief financial officer (CFO) at the end of March 2017.
He joined the company and the board in 2011, Panmure Gordon says.
Anthony Saroli, currently financial controller, will assume the post of finance director, according to the company’s statement, which notes that Saroli won’t join the board “at this time.”
Tansey joined from BGC Partners Inc, where he was chief control officer, and before that he was a director within Deutsche Bank’s office of internal controls, according to the statement.
Panmure Gordon, founded in 1876, characterizes itself as an “M&A and corporate advisory stockbroker focused on the UK small & mid-market and, in partnership with PrimeXtend, an institutional provider of global execution and prime services.”
UBS Appoints Co-Head Ultra High Net Worth Asia Pacific
Swiss banking giant UBS reports the appointment of Ravi Raju as co-head global ultra high net worth (UHNW) in Asia Pacific, bolstering its wealth management efforts.
In his new post, Raju joins Amy Lo, head wealth management greater China, co-head global UHNW, Asia Pacific, and country head, Hong Kong, in “leading UBS’s Global UHNW business across the region,” according to a statement, which notes also that Raju is based in Hong Kong and reports to Josef Stadler, head of global UHNW, and Edmund Koh, head of wealth management, Asia Pacific.
In addition, Anurag Mahesh joins UBS as head of global family office group (GFO) in Asia Pacific, per UBS.
Raju joins from Deutsche Bank (DB), where he was the Asia Pacific regional head of wealth management (WM) and a member of the global executive committee of DB WM and DB’s Asia Pacific regional executive committee, UBS says, while Mahesh was global head of key client partners for Deutsche Bank wealth management and a member of the DB WM global executive committee.
UBS notes that it is “present in all major financial centers worldwide. It has offices in 54 countries, with about 34 percent of its employees working in the Americas, 35 percent in Switzerland, 18 percent in the rest of Europe, the Middle East and Africa and 13 percent in Asia Pacific. UBS Group AG employs approximately 60,000 people around the world.”
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