DB fills a post for the Americas while closing operations in Russia. SimCorp wants to expand its hosting business as LPL Financial hires a former FINRA and SEC official.
Deutsche Bank Fills Post for ICG Debt Americas but Pulls Out of Russia
Deutsche Bank has hired industry veteran John Gallo who joins from Citigroup as managing director and head of ICG Debt Americas, officials report. Gallo will be based in New York and report to John Pipilis, global head of ICG Debt.
Gallo, who has more than 20 years of industry experience, was formerly head of global market sales, North America, responsible for sales and client strategy across debt and equities business lines, officials say.
Before his days at Citigroup, Gallo had several leadership positions at Lehman Brothers including global head of liquid market sales, head of the risk solutions group and head of global rates and foreign exchange sales, officials say.
In other news, Deutsche Bank officials announced that they will be closing the firm’s onshore Corporate Banking and Securities business (CB&S) in Russia as part of an ongoing review of its global footprint.
“This decision has been made in order to reduce complexity, costs, risks, and capital consumption,” according to a Deutsche Bank statement. “Deutsche Bank’s Russian Corporate Finance and Markets businesses will now operate from international hubs. The bank will continue to offer prices in Russian securities to clients, using third parties for local execution, as well as banking services to core Russian clients.”
The bank has begun an implementation plan “to ensure the orderly transfer of client services over the coming months,” bank officials say. “The transition and the closure of the onshore CB&S operations is expected to be substantially completed by year end 2015.”
Deutsche Bank’s Global Transaction Banking (GTB) business will continue to provide trade finance, cash management, working capital financing and FX services and will remain onshore, officials say. GTB’s institutional cash business and issuer services business will also continue to service Russian clients through offshore global hubs. Deutsche Bank will also continue to serve wealth management clients but will consolidate administration and booking offshore.
“GTB’s local custody business will be discontinued in close dialogue with clients,” bank officials add.
SimCorp Taps Misys for New Head of North American ASP Operations
Investment management solutions and services vendor SimCorp has appointed Robert Overlock, who spent 13 years at Misys Banking Systems, to lead and grow its application service provider (ASP) offerings as senior manager of North American ASP Operations, officials say.
Overlock, who will be based in New York, has a more than 20 years of experience as a technology professional with “extensive experience delivering software and services to the global financial services industry,” say SimCorp officials.
At Misys Banking Systems, Overlock helped lead the go-to-market process for managed hosting and ASP offerings “from inception through to product launch,” say SimCorp officials.
Overlock’s “guidance is going to be valuable as we continue to expand our ASP offering and deploy our services in North America and globally,” said James Corrigan, managing director of SimCorp North America, in a prepared statement.
Emily Gordy, executive vice president, deputy general counsel, LPL Financial
LPL Financial Hires Former FINRA, SEC Official to Be Executive Vice President, Deputy General Counsel
LPL Financial, which describes itself as the nation’s largest independent broker-dealer, has named a former Financial Industry Regulatory Authority (FINRA) and SEC official, Emily Gordy, as executive vice president, deputy general counsel, officials say.
LPL Financial has recently reached two separate regulatory related agreements with the North American Securities Administrators Association (NASAA) regarding non-traded REITs, and another agreement with the Massachusetts Attorney General and the Delaware Department of Justice regarding leveraged exchange traded funds (ETFs). Please click to the story here.
Gordy, who started in her post Sept. 21, will oversee the regulatory inquiries and investigations group within the legal department, reporting to David Bergers, LPL managing director of legal and government relations and general counsel of LPL Financial Holdings Inc., officials add.
Prior to her term at FINRA, Gordy worked for Shulman, Rogers, Gandel, Pordy & Ecker, PA, where she advised broker-dealer and investment advisor clients, officials say. Prior to joining the firm, she spent 27 years at FINRA, having served as a senior vice president with responsibilities for various functions within the enforcement division of FINRA.
Gordy also served as a policy director in the member regulation department of the National Association of Securities Dealers (NASD) and, prior to that, as deputy chief counsel of the Division of Enforcement at the SEC.
“Gordy’s newly created team will be dedicated to building, maintaining and strengthening relationships with the firm’s regulators and working with other members of the legal department and across the firm to address and respond to regulatory investigations, exams, inquiries and sweeps,” according to a statement from LPL.
LPL also announced that it has established a new regulatory counseling group dedicated to “providing all of its business units with advice and counsel across a wide range of regulatory, compliance and risk matters,” officials say.
The new group — which includes an internal investigations unit — is led by James S. Shorris, executive vice president and deputy general counsel, and a former FINRA Enforcement chief who joined LPL in 2011, officials say. Shorris will continue reporting to Bergers.
LPL Financial, a wholly owned subsidiary of LPL Financial Holdings Inc., provides proprietary technology, comprehensive clearing and compliance services, practice management programs and training, and independent research to more than 14,100 independent financial advisors and more than 700 banks and credit unions, officials say.
Need a Reprint?