In other news, Pico & BSO expand their partnership, an SEC whistleblower is rewarded at holiday time, and the Options Clearing Corp. announces promotions.
STP to Add WealthSite’s Accounting Engine
STP Investment Services, an investment-operations service provider, reports the acquisition of WealthSite.
WealthSite is a company that “provides a customized accounting, portfolio management, reporting and analytics platform to single and multi-family offices, traditional wealth advisory firms and money managers serving ultra-high-net-worth (UNHW) clients,” STP officials say in a prepared statement.
The acquisition brings STP’s total assets under administration to more than $400 billion, the vendor notes.
“The addition of WealthSite’s accounting and performance engine, robust reporting and portfolio management capabilities will enhance STP’s ability to solve the challenges of single and multi-family offices, traditional wealth advisory firms and ultra-high net worth clients,” STP officials add.
Not incidentally, STP has been named twice in a row as Outsourced Provider of the Year by the readers, followers, and participants of none other than Financial Technologies Forum (FTF) and FTF News. A high honor, indeed.
Pico & BSO Bolster Access to Crypto Exchanges
Pico, a technology services, software, data and analytics provider, reports that it has built upon its strategic partnership with BSO, an infrastructure and connectivity provider, so that they can offer more access to global cryptocurrency exchanges via the combination of BSO’s Crypto Connect service and PicoNet.
The partnership will facilitate “global, low-latency, cloud-to-cloud connections” to digital asset exchanges, officials say
“The expanded partnership will provide clients access to over 35 major global crypto exchanges in addition to more than 300 global venues currently available on PicoNet,” officials say. The expanded partnership augments incumbent links “across equities, derivatives, foreign exchange and fixed income markets,” says Jarrod Yuster, chairman, founder and CEO of Pico, in a prepared statement.
SEC Whistleblower Gets $37 Million Reward
The Securities and Exchange Commission reports an award of more than $37 million to a whistleblower “whose information led to a successful SEC enforcement action and a related action,” according to the SEC.
“The whistleblower was the initial source of the company’s internal investigation, as well as the source for investigations by the SEC and another agency. While the company reported the alleged conduct to the SEC and the other agency, the whistleblower receives credit for the investigations being initiated because the whistleblower provided the same information to the SEC within 120 days of providing it internally,” according to the official announcement.
“The whistleblower here made persistent efforts to bring the conduct to the attention of the SEC, another agency, and the company and is credited with the results of the company’s internal investigation,” says Creola Kelly, who heads the SEC’s Office of the Whistleblower.
“Payments to whistleblowers are made out of an investor protection fund, established by Congress, which is financed entirely through monetary sanctions paid to the SEC by securities law violators. No money has been taken or withheld from harmed investors to pay whistleblower awards,” the SEC explains.
“Whistleblowers may be eligible for an award when they voluntarily provide the SEC with original, timely, and credible information that leads to a successful enforcement action. Whistleblower awards can range from 10 to 30 percent of the money collected when the monetary sanctions exceed $1 million.”
For more information about the whistleblower program and how to report a tip, go to www.sec.gov/whistleblower .
Options Clearing Corp. Shuffles Executives
Dan Busby
The Options Clearing Corp., the equity derivatives clearing organization, reports the promotion of two executives.
Dan Busby, currently chief administrative officer, will become the chief operating officer (COO), effective January 1, 2023. He will succeed Scot Warren, who is retiring. Warren will remain at OCC in an advisory capacity until April 2023.
Busby is a 23-year veteran at OCC and in addition to serving as chief administrative officer, was chief clearing and settlement services officer, officials say.
Mike Hansen, currently managing director of clearing and settlement operations as well as head of OCC’s Dallas Office, will become chief clearing and settlement services officer effective January 1, 2023. He will also join OCC’s management committee. Hansen has more than 20 years of options industry experience. He represents OCC on the Dallas regional chamber’s board of
directors.
Founded in 1973, OCC has more than 100 clearing members and provides central counterparty (CCP) clearing and settlement services to 19 exchanges and trading platforms.
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