All change at Financial Conduct Authority: CEO steps down

Tracey McDermott takes over from Wheatley in acting role from September 12

Martin Wheatley is to stand down at the FCA

Martin Wheatley is to stand down as chief executive of the UK’s Financial Conduct Authority (FCA) with effect from September 12, 2015. Wheatley will continue to act as an adviser to the FCA board until January 31, 2016 with a particular emphasis on the implementation of the Fair and Effective Markets Review, which he co-chaired. Tracey McDermott will take over as acting chief executive from September 12 while the search for a permanent CEO takes place.

The Financial Conduct Authority has also named Mark Steward as director of enforcement and market oversight, and Barbara Frohn as director of risk and compliance oversight. Steward joins from the Hong Kong Securities and Futures Commission, where he is head of enforcement, while Frohn is managing director of Banco Santander and currently on secondment to the Institute of International Finance in Washington, DC. Both will be expected to take up their new roles in London in the early autumn.

In addition, Marc Teasdale has been named director of market oversight within the enforcement and market oversight division, while Jo Hill has been appointed director for markets intelligence, data and analysis. Andrew Whyte has been named director of communications within the strategy and competition division.

 

Denise Voss has been named chairman of the Association of the Luxembourg Fund Industry (Alfi). Luxembourg-based Voss has been vice-chairman for international affairs of Alfi since 2011 and has been a member of the board of directors since 2007. She is also chairman of the European Fund and Asset Management Association's investor education working group and conducting officer of Franklin Templeton Investments.

 

Owain McNeill has been appointed business development director in charge of UK clients at Caceis. McNeill, based in London, reports to Annie Blouin, head of regional coverage for North America, UK and Ireland. He will manage the teams in charge of sales activity for the UK, and is responsible for further developing sales activity with UK asset managers, institutional investors, banks and brokers, as well as for strengthening the bank's relationship with existing clients. McNeill joins Caceis from US Bancorp, where he was senior vice-president of sales in the London office. He also held senior positions at HSBC and Citi.

 

Axa Investment Managers has promoted Paul Squires to the role of global head of trading and securities financing. London-based Squires replaces Christophe Roupie, who is joining a family-run business in Switzerland as chief executive and partner. Squires will retain his current responsibilities as head of trading, and will report to Julien Fourtou, ‎global head of multi-asset client solutions and trading and securities financing.

Axa has also promoted Jayne Forbes to global head of securities financing and deputy head trading and securities financing, reporting to Squires. Forbes is also based in London. She joined Axa in 2005 as head of securities financing.

 

BNP Paribas Corporate and Institutional Banking has named José Placido as head of financial institutions coverage, in addition to his existing role as global head of client development and strategy for. Placido replaces Henri Foch, who retired at the end of June, and is in charge of developing relationships between BNP Paribas and financial institutions. Prior to joining BNP Paribas Securities Services in 2014, Placido was chief executive of RBC Investor Services and RBC Dexia Investor Services. In his new role, he will report to Patrick Colle, chief executive of BNP Paribas Securities Services. He will be based in London.

BNP Paribas Securities Services has also named Robert van Kerkhoff as head of the Netherlands. Van Kerkhoff was previously deputy head of operations for asset and fund services, based in Paris, and has worked for Fortis Bank as chief operating officer of its Spanish business in Madrid. Van Kerkhoff will relocate to Amsterdam. Ronald Koelewijn was appointed as head of sales for the Netherlands, responsible for business development across all client segments in the country. Erwin Reyes has been named secretary-general for BNP Paribas Securities Services in the Netherlands, with responsibility for internal organisation and projects.

In addition, Páraic Cosgrave has joined BNP Paribas Securities Services as head of sales and relationship management for its alternative fund administration business. Cosgrave brings 25 years of experience in international capital markets. Most recently, he was head of the Europe, Middle East and Africa (Emea) alternatives business development at SS&C GlobeOp. He previously held leadership and sales positions at International Financial Systems and Integral Development Corporation, both providers of software to financial intermediaries and asset managers. Cosgrave will be based in London, reporting jointly to Ian Lynch, head of alternative fund administration services and José Placido, global head of client development and strategy.

 

BNY Mellon has named Adam Gelder head of financial institutions for its corporate trust team in Emea. Gelder, who is based in London, will be responsible for the growth and development of the company's financial institutions business in Emea and reports to Robert Wagstaff, head of UK sales and relationship management.

BNY Mellon has also appointed Alan Flanagan as global head of private equity and real estate (PE&RE) fund services. As a new unit, PE&RE Fund Services will comprise more than $100 billion in assets under administration and more than 150 employees worldwide. Flanagan will continue to be based in Dublin and report to Frank La Salla, chief executive of BNY Mellon's alternative investment services business in New York. Flanagan will be responsible for overseeing global business and driving growth.

 

Steve Bernat joins Carne as chief executive in Luxembourg. Bernat was previously at Lemanik, where he was responsible for developing the firm's management company business. Previously, he worked with Citibank's securities and fund services division, where he held positions within operations, product management and business development. Prior to that, he was employed by State Street Bank/IFDS and Linedata Services. Bernat will be overseeing the ongoing development of Carne's Luxembourg operation.

 

DMS Offshore Investment Services has appointed John D'Agostino as managing director. D'Agostino will lead the firm's North and South American operations, directing global business development strategy and advising on hedge funds and other alternative investments, structuring and business solutions for offshore funds. He joins DMS's New York office from Alkeon Capital Management. Prior to that, he served as a director of KPMG Consulting.

 

Jim Turley, co-head of group technology and operations at Deutsche Bank, has been elected to the board of directors of the Depository Trust and Clearing Corporation. Turley, who is based in London, joined Deutsche Bank in 1989, and has held various senior management positions in both the business and infrastructure functions. After five years of service, former director John Parker, executive vice-president at Wells Fargo Advisors and head of services and operations, did not stand for re-election and has left the board.

 

Padraig Hoare has joined Elian Fund Services as an associate director in the Cayman Islands. His focus will be on providing governance and oversight services to alternative investment funds. Hoare was previously global head of risk management for Admiral Administration, and head of projects and compliance for Dresdner Bank in the Cayman Islands.

Elian has also expanded its New York office to support its corporate services, including corporate structuring, structured finance and asset finance. The office, which will be led by managing director John Wallace, will support Elian's range of administration services to private equity, real estate and hedge fund managers.

 

PwC has appointed Mike Byrne as partners, and Chris Van Den Berg and Alex Burne as directors in the Channel Islands. Jersey-based Byrne, who has been with the firm for more than 15 years, leads the asset management industry in the Channel Islands, with a focus on private equity and hedge funds. Also based in Jersey, Chris Van Den Berg joined PwC in 2008 after relocating from South Africa. PwC also named Justin Woodhouse as head of tax for the Channel Islands.

 

Jenny Knott has joined Icap as chief executive for post-trade risk and information services, in charge of the Euclid, Icap, Reset, Traiana and TriOptima information services businesses. Knott was most recently strategic adviser to group chief executives at Standard Bank Group, and was previously corporate and investment banking chief financial officer and chief operating officer. Prior to this she worked at Nomura for nine years and UBS for five years. She is based in London.

 

Polish central securities repository Krajowy Depozyt Papierów Wartościowych (KDPW) has elected Iwona Sroka as president of its management board for the next term of office. Sroka was first elected president in 2009. In addition, Sławomir Panasiuk was named vice-president and Michał Stępniewski a member of the management board.

 

Linedata has appointed John Kiley as executive vice-president of sales and co-head of the global front and middle-office asset management business line. Kiley will be responsible for global business development and client adoption strategies across the front and middle-office product suite. He previously served as executive vice-president of sales and business development at BondHawk Systems and held executive positions at ThinkSoft Global Services and SS&C. He is based in Boston.

 

Citi has appointed Christine Lam as head of operations and technology for Asia-Pacific, and Angel Ng as country business manager for Hong Kong. Ng succeeds Lam. Based in Hong Kong, Lam is responsible for the management of Citi's technology infrastructure and applications development, and operations delivery in Asia, covering all banking segments and businesses. Ng has overall responsibility for Citi's consumer banking business in Hong Kong, covering retail banking, wealth management, insurance, credit cards, mortgages and consumer lending.

Citi has also appointed Aftab Ahmed as country officer for the Philippines. Ahmed replaces Batara Sianturi, who is moving to Citi Indonesia to serve as country head. Ahmed is currently chief compliance officer for Citi Hungary as well as region head for Hungary and the Balkan and Baltic regions.

 

David Linds will be retiring from his role as senior vice-president, business development and relationship management at CIBC Mellon. Linds has been with CIBC Mellon since inception, and has led the company's sales and relationship management functions for more than a decade. Rob Ferguson has been appointed senior vice-president for capital markets, business development and relationship management, based in Toronto, and Richard Anton has been named senior vice-president and chief operations officer, based in Toronto. Ferguson's prior roles at CIBC Mellon include vice-president, product and client service; co-head of global securities lending; and most recently senior vice-president, capital markets and product delivery. Anton will continue to lead CIBC Mellon's client service delivery teams, while also taking on responsibility for the company's corporate project office, product management and centralised client administration functions.

 

Erik Skulte and Nora Bowman have joined eSecLending as vice-president for US business development and vice-president for client relationship management, respectively. Skulte will be responsible for the continued growth and expansion of the firm's securities financing business and Bowman will serve as the primary point of contact for designated US-based clients, managing service delivery and overseeing all elements of client programmes. They will be based in Boston.

 

Fund administrator Ipes has named Peter Fairweather as depository director in London, and Gary Mauger as operations director in its Guernsey office. Fairweather will manage a team of 12 depository analysts and will help grow the depository business. He has more than 35 years of experience within the finance sector. Mauger has extensive senior management experience in private equity fund administration and was previously head of alternative investment services at State Street in Guernsey.

 

Maitland has hired Scott Price as head of business development and client management for North America. Price, who is based in New York, will be responsible for leading sales and client management efforts across the continent. He has spent nearly a decade with TMF Custom House Global Fund Services, most recently as regional director and head of sales and board member for its parent company.

 

Pacific Fund Systems (PFS), a provider of fund accounting and administration software via the PFS-Paxus application, has appointed Paul Kneen as PFS chief operating officer (COO). Kneen has more than 25 years’ experience in the banking and financial services industry specialising in the fund and fiduciary sectors. Prior to joining PFS, Kneen was chief executive of the Abacus Financial Services Group (AFSG) where he had overall responsibility for AFSG’s international operations across its regulated group companies. Kneen has previously held management positions with HSBC, Fortis and the Bank of Bermuda. He will be based in London.

 

RBC Investor and Treasury Services has appointed Francis Jackson as global head of client coverage for asset managers, pensions and sovereign wealth. Jackson will be based in London and play a critical role in maintaining, growing and developing client relationships. Jackson was previously at JP Morgan, where he held several leadership roles, including most recently head of investor services sales and relationship management. RBC also named Kevin O'Neill as managing director for asset managers for North America. O'Neill is based in New York.

David Giannone and Bill Muia have been appointed directors for US sales and distribution in New York by RBC. Giannone joins RBC with more than 20 years’ experience in financial services, most recently with BNP Paribas Securities Services, where he was responsible for offshore business development with US traditional and alternative asset managers. Muia joins RBC with more than 20 years’ experience in financial services, most recently with JP Morgan, where he was in charge of global business development in the asset manager segment.

 

SS&C Technologies Holdings, a global provider of financial services software and software-enabled services, has announced a new business unit focused on meeting the needs of the private capital market. SS&C has appointed Bob Shepro to the position of senior vice-president, responsible for heading this new area of the business. SS&C’s private capital business unit will focus on supporting family offices, foundations and endowments. Shepro will report to Rahul Kanwar, senior vice-president and global head of alternative assets.

 

TM Advisory Services has hired London-based Chris Prior-Willeard and his team from Bank of New York Mellon. Prior-Willeard was previously chief executive of the central securities depository set up by BNY Mellon. The other hires are An Mestdagh, Robert Head and Carl Janson.