Likely Heir Apparent to JPM’s Dimon Joins Carlyle Group
Daniel Pinto, the other co-CEO of the CIB, JPMorgan Chase
Mike Cavanagh, generally considered an heir apparent to Jamie Dimon, chairman and CEO of JPMorgan Chase (JPM), is leaving his post as co-CEO of the Corporate and Investment Bank (CIB) division to become co-president and co-chief operating officer of The Carlyle Group, an asset management company specializing in private equity.
JPM will be making Daniel E. Pinto, the other co-CEO of the CIB, the sole CEO of the group, effective immediately, officials say.
“I have worked with Mike Cavanagh for more than 20 years,” Dimon said in a statement. “He’s a highly talented executive and has been an integral part of our management team, as our CFO for six years and as co-CEO of the Corporate & Investment Bank. He’s also a special person and we wish him well in his choice to take on a new challenge. While we would prefer he stay at the firm, we are glad he’s going to a valued client in Carlyle. I know the whole Operating Committee joins me in thanking him for his years of service to our firm.”
Cavanagh, who has worked at JPM for most of his career, said that the move took a lot of soul searching. “I wouldn’t have left for any company other than The Carlyle Group, a firm and a management team I have known for a long time,” he says in a statement. “While I am saddened to be leaving this remarkable firm, I am looking forward to a new chapter. I wish all of my friends and colleagues at JPMorgan Chase the very best.”
Nasdaq OMX Appoints EVP to Head New Global Services Unit
Hans-Ole Jochumsen, EVP of global market services, Nasdaq OMX
The Nasdaq OMX Group has created a new entity, Global Market Services, and named Hans-Ole Jochumsen, executive vice president, to head the newly combined global business group, officials say. Jochumsen will report directly to Bob Greifeld, CEO of Nasdaq OMX.
Global Market Services will provide Nasdaq OMX transactions, clearing and settlement services in the U.S. and Europe.
The newly created entity’s mission will be to “facilitate global growth and expansion of the company’s cash and derivatives business, within equities as well as fixed income, currencies and commodities, and enable greater customer focus, product development and technology synergies,” according to a company statement.
Jochumsen previously oversaw NASDAQ OMX’s Transaction Services Nordic business, which provides an integrated marketplace of eight Nordic and Baltic exchanges, as well as trading and clearing (for derivatives, including over-the-counter instruments) of Nordic and Baltic securities. He is also responsible for Nasdaq OMX Commodities, the global commodities business unit within the company.
“As markets have become increasingly global in asset classes like fixed income, currency and commodities and in the OTC clearing space, we believe it is an opportune time to structure our transaction business in such a way that takes advantage of these opportunities,” Greifeld says in a statement.
Most recently, Nasdaq OMX combined data and indexing to form Global Information Services. Similarly, market technology and corporate solutions were combined to form Global Technology Solutions.
SimCorp Names MD for Asia-Pacific
Nick Quin,
managing director, SimCorp Asia
SimCorp, a provider of investment management solutions and services, has named Nick Quin managing director at SimCorp Asia, based in Sydney. Quin succeeds Peter Hill, who will become managing director of United Kingdom and Middle East at SimCorp Ltd., company officials say.
Previously, Quin was regional sales director at SimCorp Asia Pacific, a position he’d held since 2003. In that post, he played what the company called “an instrumental role in developing SimCorp’s presence in both Australian and Asian markets.”
“Only with innovation and state-of-the-art solutions, can investment managers apply scarce resources to help generate alpha and meet client demands in a cut-throat market,” Quin said in a statement, adding that his goal is to “continue to help investment organizations move away from legacy platforms and enable them to grow their business, while assisting our clients in responding to market demands, such as the current central clearing and trade repository reporting requirements.”
In total, Quin brings more than 23 years of relevant experience, having worked in the financial and software markets in the UK, Australia, New Zealand, and Asia.
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