In other news, Genstar buys Numerix, Finbourne & Denominator partner & SS&C acquires a CRM business unit.
Northern Trust Adds Four to Digital Consulting Group
Northern Trust has appointed Benjamin Bobroff to head its new digital solutions consulting group, which is in its asset-servicing business development division.
Northern Trust also has made three other senior appointments intended to support the “continued strategic focus and investment in digital innovation,” according to a prepared statement. The three will report to Bobroff, who joined Northern Trust in 2019.
They are:
- Pamela Clifford, based in New York, has been appointed senior consultant. She joins from Bank of New York Mellon, where, most recently, she was director, global head of digital platform execution, asset servicing.
- Donald Marden, based in Boston, has been appointed senior consultant. He joins from Investics Data Services, a financial technology company, where he was chief client officer for new business development, relationship management, and project consulting initiatives for institutional investors.
- Laura Ghaemian, based in London, has worked at Northern Trust for 16 years, previously as a relationship manager within the consultant relations group.
Northern Trust Corp. was founded in Chicago in 1889. Currently, it maintains offices in 22 U.S. states and Washington, D.C., and across 23 locations in Canada, Europe, the Middle East and the Asia-Pacific region. — L.Ch
Genstar Capital Acquires Numerix
Private equity firm Genstar Capital has acquired Numerix to help the capital markets risk management technology vendor expand its efforts to help clients with digital transformation, complex regulatory requirements, and coping with market volatility, officials say.
The financial terms of the transaction were not disclosed.
“Numerix is capitalizing on several macro tailwinds including the digital transformation of capital markets, continued complex regulatory requirements, and substantial market volatility across asset classes and geographies,” says Scott Niehaus, director of Genstar, in a prepared statement.
Vendor officials note that Numerix has focused its efforts on “helping firms price and manage risk for any derivative instrument — vanillas to the most sophisticated exotic products — in addition to the entire spectrum of fixed income securities.”
“We are excited to begin the next phase of our future growth with our new partners at Genstar Capital,” says Steven O’Hanlon, CEO and president of Numerix, in a prepared statement. “We’ve always had a clear vision for the organization. Together with Genstar and their long track record in the financial services and software industries, we look forward to expanding our footprint across the entire value chain in the front-to-risk market providing even greater value to our customers.”
Numerix was founded in 1996 and has more than 19 offices, 225 clients, and 90 partners across more than 26 countries, officials say.
Jefferies LLC served as financial advisor and Davis Polk & Wardwell LLP served as legal counsel to Numerix, officials say. RBC Capital Markets served as financial advisor and Willkie Farr & Gallagher LLP served as legal counsel to Genstar.
Finbourne & Denominator Target the Buy Side
Finbourne Technology reports the advent of a new partnership with Denominator, which a statement characterizes as a “global Diversity, Equity, & Inclusion (DEI) data and scoring provider.”
The goal of the partnership is to “support the global buy side, as it responds to increasing demands for DEI transparency, amid a new generation of value-based investors,” a Finbourne statement notes.
“The combination of heightened investor and regulatory expectations, including the more recent DEI policy consultation from the U.K. Financial Conduct Authority … is escalating the buy side’s need for holistic and granular insight into the DEI performance of portfolio companies,” the statement notes.
The partnership allows Finbourne clients to “access Denominator’s data set with DEI data and scores across 15,000+ public companies and more than 1.5 million private companies,” per the Finbourne statement.
Among the metrics the partnership will offer are “not only popular variables e.g. % of women and ethnic minority board members and executive-level employees, but also more unique metrics, such as cognitive diversity e.g., the diversity of education across board members and senior management.” — L.Ch
Finbourne was founded in December 2016.
SS&C Buys CRM Unit from Tier1 Financial Solutions
SS&C Technologies reports that it has acquired the “sell-side Tier1 CRM [customer relationship management] business and related assets from Tier1 Financial Solutions in an all-cash transaction. Tier1 CRM is a leading provider of sell-side CRM solutions targeting capital markets and investment banks.”
Tier1 CRM, which is based in in Toronto, Canada, “supplies CRM capabilities to sell-side financial services firms, including research, trading, and sales teams within capital markets groups, and provides a deal management CRM experience to investment banks,” according to a prepared statement from SS&C.
“The acquisition will expand SS&C’s CRM capabilities, targeting capital markets and investment banks, adding 30+ enterprise clients across the U.S., Canada, and the U.K. Tier1 CRM’s 60+ employees in Canada and the U.S. will join SS&C, reporting to Derek Landi, SS&C Salentica’s vice president and general manager,” per the statement.
Prior to the acquisition, Tier1 CRM was part of Tier1 Financial Solutions.
SS&C is headquartered in Windsor, Connecticut. — L.Ch
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