facebook linkedin twitter
Saturday, March 29, 2025
facebook linkedin twitter

Fidelity, Stone Coast to Offer New Bundle for Hedge Funds

By
Press Release
-

Access to prime brokerage, Fidelity’s PB Optimize technology, fund administration and Stone Coast’s “golden source” data encompasses new end-to-end offering.

BOSTON, October 21, 2024 — Fidelity Prime Services, a premier prime brokerage for institutional alternative asset managers, announces a strategic relationship with Stone Coast Fund Services, a leading independent, privately-owned fund administrator with over $100B in assets under administration (AUA), to create a holistic, end-to-end offering for hedge funds.

The strategic relationship will create a new bundle of solutions for established and emerging hedge funds to consider, including prime brokerage access, fund administration, and access to Fidelity’s PB Optimize fintech platform and Stone Coast’s “golden source” data.

“Cutting-edge technology and exceptional client service are what both Fidelity and Stone Coast continually strive to deliver to our clients,” said James Coughlin, Senior Vice President, Fidelity Prime Services at Fidelity Investments. “This strategic relationship embodies our joint vision of providing an end-to-end integrated technology offering for fund managers, with cost efficiency and exceptional service at the forefront.

Key relationship highlights include:

  • Best-in-class Technology: The bundled offering includes access to Fidelity’s PB Optimize financing and treasury platform and Stone Coast’s golden source fund data, creating operational synergies and real-time insights for clients to make the most well-informed decisions for their portfolios.
  • Improved Economics: This strategic relationship delivers improved economics and cost efficiencies for hedge funds through the combination of prime brokerage and hedge fund administration services, allowing funds to focus less on administrative overhead and more on growth and investment strategies.
  • Client-First Excellence: Two established firms, Fidelity and Stone Coast, are coming together to deliver an end-to-end offering for hedge funds and alternative asset managers with a focus on client service, technology, and deep-rooted expertise.
  •  

“Working with a like-minded firm such as Fidelity Prime Services, which shares our commitment to client excellence and superior technology, was a natural fit for Stone Coast,” said Marc Keffer, Founder and Principal, Stone Coast Fund Services. “By combining our ‘golden source’ fund data with Fidelity’s innovative PB Optimize platform, we are poised to offer clients an integrated solution that enhances portfolio decision-making.”

For more information on the bundled solutions offering, please contact fidelityprime@fmr.com          

About Fidelity Prime Services: Fidelity Prime Services is an offering of Fidelity Capital Markets, providing consolidated prime brokerage for institutional alternative investment managers, and specializing in serving hedge fund managers who employ long and short equity strategies. Prime Services serves over 200 clients with offices in Boston, New York, and San Francisco.

About PB Optimize: PB Optimize (PBO) launched in 2012 as a securities finance solution designed to provide transparency into the global securities market with the goal of utilizing data and technology to help improve client outcomes. PBO services over 280 institutions and investors across Fidelity Investments’ Capital Markets Group, overseeing $5 trillion in assets under administration (AUA) and providing over $450 million in realized savings.

About Stone Coast Fund Services: Stone Coast Fund Services, servicing over 100 clients with over $100 billion in AUA, stands as the largest independent, privately-owned fund administrator. Known for its commitment to quality and precision, Stone Coast provides a full range of fund administration services to its global clientele with superior customer service and technology offerings. The firm is based in Portland, Maine.

SIFMA to Host Market Structure Conference in NYC November 6-7

By
Press Release
-

New York, NY, October 22, 2024 – SIFMA will host its Market Structure Conference on November 6th and 7th in New York City.  A virtual option will be available for reporters outside of NYC.

The program on November 6th will explore listed options.  Topics that day include:

  • State of the Options Industry
  • Sorting Out the Numbers: What Happened on Election Day?
  • Regulatory Developments and Clearing Updates
  • What’s Next for Options Market Structure
  • What’s Driving Options Customers?

The program on November 7th will explore equities.  Topics that day include:

  • Reg NMS Take 2: Where is Equity Market Structure Headed?
  • Market Regulation and Resiliency
  • Market Centers: Competition, Innovation… What’s Next?
  • Trends in Retail Trading

For more information, please click here.

WHAT:            SIFMA Market Structure Conference

WHERE:           New York Law School, 185 West Broadway, New York, NY; a virtual option is available for reporters outside of NYC

WHEN:            November 6th and 7th, 9:30 am – 4:30 pm

MEDIA RSVP:Katrina Cavalli, kcavalli@sifma.org   

SIFMA is the leading trade association for broker-dealers, investment banks and asset managers operating in the U.S. and global capital markets. On behalf of our industry’s one million employees, we advocate on legislation, regulation and business policy affecting retail and institutional investors, equity and fixed income markets and related products and services. We serve as an industry coordinating body to promote fair and orderly markets, informed regulatory compliance, and efficient market operations and resiliency. We also provide a forum for industry policy and professional development. SIFMA, with offices in New York and Washington, D.C., is the U.S. regional member of the Global Financial Markets Association (GFMA).

RavenPack Unveils Bigdata AI Platform

By
Anna Lyudvig
-

Buy-side professionals are inundated with data, but they need real-time, trusted financial information and, critically, a way to make sense of it quickly, according to Armando Gonzalez, CEO of RavenPack.

Armando Gonzalez

“The problem is that this data is often scattered across public sources, locked behind paywalls, or siloed within organizations,” he told Traders Magazine.

To address this issue, RavenPack has launched Bigdata.com, an advanced AI platform set to transform financial research and decision making. 

“With Bigdata.com you can access it and “chat” with all of it,” Gonzalez said.

Bigdata.com’s powerful API and real-time research assistant let users converse directly with billions of financial documents, create custom research tools, automate tasks, and access real-time data. 

“AI tools promised a revolution in finance but often fell short. Financial professionals cannot work with generic, outdated, or inaccurate information,” Gonzalez said. 

He added that Bigdata.com changes this by offering reliable, transparent AI-driven research that’s “actually useful”. 

“Our platform doesn’t just provide information; it automates and accelerates the research process,” he stressed.

What once took days or weeks can now be done in hours, because teams can now interact directly with a universe of curated financial data in real time, Gonzalez explained. 

For example, teams combing through earnings reports can now instantly analyze and summarize key metrics, like revenue or EPS, and spot any deviations from expectations, which helps to quickly reassess risk exposure or rebalance portfolios to mitigate risk, he said.

The development of Bigdata.com is backed by a $20 million investment led by GP Bullhound and spearheaded by a team of former quantitative analysts and data scientists from leading financial institutions. 

Since launching in Beta in July 2024, over 40 leading financial institutions have been deploying Bigdata.com. 

This includes four major global investment banks, a top five credit-focused hedge fund, and 10 of the largest asset management firms worldwide.

“Our +20-year track record speaks for itself, with clients like JPMorgan Chase, UBS, and the US Federal Reserve. Now, we’re making this high-quality data available to everyone through a real-time research platform,” Gonzalez said.

“Our “data-first” approach integrates over two decades of expertise with real-time, curated insights, ensuring accuracy and traceability for every piece of information,” he added.

Gonzalez added that they also built a finance-specific taxonomy from scratch, ensuring that the insights are relevant and use precise financial terminology. 

He said that their Financial Knowledge Graph, with 12M+ entities, helps users filter and discover critical information, and our domain-specific embeddings capture the nuances of financial language. 

Additionally, users can create custom watchlists with specific portfolios or themes or “chat” with specific datasets, he added. 

“This level of personalization, transparency, and reliability is something you won’t find in other AI platforms,” Gonzalez argued.

According to Gonzalez, the AI platform boosts financial research efficiency tenfold: “Our claim of a 10x efficiency boost is grounded in real results from our beta users. Financial firms are slashing the time it takes to go from research to action.” 

He further said that tasks that once took days or weeks – like analyzing earnings, monitoring portfolios or building investment theses – can now be completed in hours.  

For example, he said, clients use our system to analyze which companies may do better under a Trump presidency versus a Harris victory in just a few hours, a task that would have taken a team at least one week. 

“This kind of speed enables buy-side firms to reposition portfolios or make allocation decisions in real time, capturing opportunities before anyone else. The goal isn’t to cut costs or replace people, but to help them achieve much more with the same resources,” he commented.

Bigdata.com offers a vast range of financial data, including web content, premium news, earnings reports, regulatory filings, pricing data, estimates, and sentiment scores. 

Users can also upload and extract insights from their own files or customize their research by  “chatting” with specific datasets for tailored insights, and we’re constantly expanding this universe.

Gonzalez said that they’ ’re focused on enhancing AI’s practical utility in finance. 

“Soon, we’ll add alternative data sources like social media trends, satellite imagery, and geolocation insights,” he said. 

“We’re also developing more specialized AI agents to handle financial tasks with unprecedented precision,” he concluded.

TECH TUESDAY: AI Optimizes OTC Derivatives Risk Calculations

By
Editorial Staff
-

TECH TUESDAY is a weekly content series covering all aspects of capital markets technology. TECH TUESDAY is produced in collaboration with Nasdaq.

Artificial intelligence continues to draw attention and make headlines as the emerging technology that many expect will transform how capital markets firms operate.

The development of generative artificial intelligence, the newest iteration of AI, is considered to be in its early stages, with few bounds on potential capabilities. But AI is driving value today by automating the data extraction, quantitative analysis and regulatory reporting that historically have absorbed an enormous allocation of person-hours.

BlackRock, the world’s largest investment manager, outlined its approach to AI and machine learning in a July 2024 blog post. “We leverage these capabilities with the goal of continually shifting from the realm of qualitative to quantitative, increasing the breadth of what we’re able to measure in pursuit of more precise and differentiated investment outcomes,” the blog stated. 

In the financial industry’s latest AI deployment to increase automation and efficiency, Nasdaq has integrated AI to simplify and accelerate bank and insurance risk calculations. 

Nasdaq noted that market volatility and tighter regulation enacted after the global financial crisis of 2007-2008 are forcing institutional firms that trade over the counter (OTC) derivatives to conduct complex and computationally intensive risk calculations. Specifically, X-value adjustment (XVA) sensitivity analysis can require more than 1 trillion calculations per day; Nasdaq’s recently announced AI-based machine learning functionality, provided through its Calypso platform, can process risk calculations up to 100 times faster.  

Gil Guillaumey, Senior Vice President and Head of Capital Markets Technology at Nasdaq, commented on the utility of Nasdaq Calypso’s XVA Accelerator functionality:

Gil Guillaumey, Nasdaq

“Maintaining the necessary infrastructure and systems can be outrageously expensive, inefficient, and increasingly impractical regardless of cloud elasticity strategies,” Guillaumey said in an October 17 press release. “The sheer scale of computing power required to meet the most demanding regulations, alongside the strategic benefits of more accurate real-time analytics, is driving a profound rethink about how we can leverage AI to reduce the cost of compliance.” 

Nasdaq’s XVA Accelerator uses a mathematical approach known as Chebyshev Tensors. Importantly, this approach recalibrates each time an XVA calculation is launched and adapts immediately to changing market conditions – the end results are significantly improved execution times, lower costs, and more empowerment for financial institutions to manage risk.

Such results tie in with the current landscape for AI, in which firms need to see the technology move the needle on the bottom line. In Deloitte’s State of Generative AI in the Enterprise Q3 2024 report, the consultancy cited an overarching theme of moving from potential to performance.

“In the rapidly evolving landscape of artificial intelligence (AI), the connection between technology and value has become increasingly apparent,” the report stated. “Technology application on its own is not enough. Results and business outcomes matter. The real measure of success for GenAI will be how it enables enterprise strategies and drives tangible value.”

Creating tomorrow’s markets today. Find out more about Nasdaq’s offerings to drive your business forward here.

Northern Trust Charity Trading Day Raises $1m

By
Press Release
-

Northern Trust held its third Charity Trading Day with employees across the world participating to benefit four charities aligned with Northern Trust’s philanthropic strategy.

As a result of Charity Trading Day, which occurred October 16, 2024, a total of US$1 million will be donated to Habitat for Humanity International, Rise Against Hunger, Ronald McDonald House Charities® and Urban Initiatives.

October is Northern Trust’s signature month of global volunteerism, known as Achieving Greater Together, and Charity Trading Day is at the heart of Northern Trust Asset Servicing’s social impact strategy. The worldwide effort aligns with the company’s long-term community investment strategy designed to drive individual advancement and broader wealth creation.

“Supporting philanthropic efforts is deeply rooted in Northern Trust’s culture,” said Teresa Parker, Northern Trust Asset Servicing President. “Since hosting our inaugural Charity Trading Day in 2022, we have donated more than US$2.5 million to charitable causes from this effort. We are delighted to have continued to make a significant impact in our communities by supporting charities that align with our philanthropic focus: accessible healthcare, affordable housing, educational excellence and food security.”

Charity Trading Day involves hundreds of Asset Servicing employees, from trading and operations to client service and compliance, following the sun across Northern Trust’s trading desks starting in Sydney and on to Singapore, London and Chicago.

“The best part about Charity Trading Day is the support we receive from our clients and trading partners enabling us to create a meaningful impact for our communities together,” said Guy Gibson, Global Head of Banking & Markets at Northern Trust. “I am enormously grateful for their wonderful support in helping us raise awareness for these groups and the amazing work they do in our communities.”

Following the October month of service, employees will also continue to have the opportunity to come together with clients and volunteer for the charities through 2025 in line with Northern Trust’s commitment to give back to the communities in which we live and work.

About Habitat for Humanity International

Since 1976, Habitat for Humanity International has grown to become a leading global nonprofit housing organization, helping families and individuals build and improve places they can call home. Habitat works in local communities across all 50 U.S. states, Puerto Rico, and more than 70 countries, partnering with families, volunteers, and supporters worldwide to ensure more people have access to affordable and safe housing. Learn More.

About Rise Against Hunger

Rise Against Hunger is an international nonprofit growing a global movement to end hunger. Through a global network based in the U.S. and with six international offices, the organization provides meals and other assistance for people facing hunger today. Rise Against Hunger also implements sustainable agriculture projects that support long-term food security and empower communities. Learn More.

About Ronald McDonald House Charities® (RMHC®)

Ronald McDonald House Charities cares for families when they have children who are ill or injured. Through a global network of over 255 Chapters in 62 countries and regions, RMHC provides essential services that remove barriers, strengthen families, and promote healing when children need healthcare. Learn More.

About Urban Initiatives

Urban Initiatives believes every Chicago student should have access to the power of sports and play regardless of their socioeconomic background. For 20 years, UI has hired local coaches and placed them in Chicago Public Schools, advancing their mission to foster academic success, facilitate social-emotional growth, and build social capital in youth by providing free play-based programs. UI’s programs reach over 80,000 Chicago Public School students annually and are on track to serve 100,000 by 2025. Learn More.

Source: Northern Trust

SEC Chair Comments on Equity Market Structure

By
Anna Lyudvig
-

Last month, the Securities and Exchange Commission (SEC) unanimously approved the most important updates to the equity markets since 2005, according to SEC Chair Gary Gensler.

In his prepared remarks before the SIFMA 2024 Annual Meeting, he noted that earlier this year, the Commission also unanimously adopted final rules to enhance disclosure requirements for order execution quality.

“These rules will help drive greater efficiency, competition, and fairness,” he said.

Gary Gensler

Chair Gensler said: “Given how much has changed since 2005, I think it was incumbent upon us to update our national market system rules.”

He said that Regulation NMS, adopted in 2005, included the so-called “sub-penny rule” setting a minimum quotation increment of one penny.

“It was time to relax that one-penny minimum quotation increment, which had become outdated and too wide for many stocks in today’s markets,” he said. 

Stocks representing approximately 74 percent of share volume are currently being quoted at less than 1.5 pennies. This compares to 2005 when 54 percent of stocks traded at less than 1.5 pennies, he said.

“For many stocks, under the updated rule, the new minimum will be half a penny. Reducing what’s known as the “tick size” will benefit investors and market participants by allowing stocks to be priced more efficiently and competitively,” Gensler said.

He added that over the years, the Commission has received many requests to lower the cap that exchanges could charge for access to both address market distortions and reflect changes in the market since 2005.

“In light of relaxing the minimum for quoting increments, it also was appropriate at this time to lower the maximum fee that can be charged for access,” he stressed. 

“The Commission’s updated rule lowers the cap from three-tenths of a penny to one-tenth of a penny. It also ensures that traders can determine, at the time of executing a trade, any rebates of the access fee that may be paid to them on that trade,” Gensler added.

In addition, he said, the rules implement an updated definition of a round lot, which had been 120 years old, to be tiered depending upon the price of a share. 

“This matters because, under current rules, only trades in round lots are covered by the Order Protection Rule. Further, it will bring more round lot quotes into the important measuring stick, the National Best Bid and Offer, leading investors potentially to benefit from better pricing,” he said. 

“At 100 shares, it no longer reflected today’s markets, particularly given the high prices at which many stocks trade. The updated rules also will provide investors greater transparency on quotes for orders smaller than a round lot (so-called “odd lots”),” he commented.

Regarding disclosure of order execution quality, this past March the Commission updated a 24-year-old rule, Gensler said, adding that  Rule 605, which the Commission first adopted in 2000, required monthly disclosures on execution quality from market participants known as market centers.

The updates to Rule 605 require that large broker-dealers—those with more than 100,000 customers—disclose execution quality to the public, he added.

“Along with enhancements to both data and readability, these reforms will improve transparency for execution quality and facilitate investors’ ability to compare brokers, thereby enhancing competition in our markets,” Chair Gensler said.

The Commission also has proposed rules regarding best execution, order competition, and exchanges’ volume-based transaction rebates and fees.

“We’ve received a lot of feedback on these proposals and are considering all of the comments,” commented Gensler.

In his speech, SEC Chair also discussed central clearing, short selling, and digital engagement practices.

US ETF Issuers Attracted to Fast-Growing European Market

By
Shanny Basar
-

Avantis Investors, owned by global asset manager American Century Investments, and PT Asset Management, a Chicago-based boutique fixed income asset manager, have both entered the European exchange-traded fund market due to its “huge” growth potential.

On 1 October 2024 Avantis Investors said in a statement that it was entering the European ETF market shortly after its five-year anniversary. Phil McInnis, chief investment strategist at Avantis Investors, said in an email that it is a very exciting time to be entering Europe.

Phil McInnis, Avantis Investors

McInnis added that Avantis has been getting asked when it will bring something to market in Europe for some time.  He said: “When we hear of demand from existing clients and potential new clients, we want to meet it.”

In Europe, assets invested in ETFs reached a record $2.18 trillion at the end of August according to ETFGI, an independent research firm on trends in the global ETF industry. At the end of August there were 3,053 ETFs in Europe, with 12,522 listings from 100 providers on 29 exchanges in 24 countries.

McInnis acknowledged that the European market is highly competitive but argued that the wide adoption of Avantis’ capabilities in the US is evidence of its ability to differentiate itself. Avantis launched its first strategy in September 2019, and now has $54bn in 28 strategies across, allowing American Century to become the fourth largest active ETF issuer according to the firm.

“Our investment process combines concepts from traditional active and index-based approaches as we seek to offer investors the best of both worlds,” added McInnis.  “Namely, low fees, broad diversification, and transparency along with the potential for outperformance.”

At the start of October, Avantis listed a global equities ETF and a global small-cap value ETF on Deutsche Börse’s Xetra, which both draw on the same investment approach that has powered equity strategies in the US. McInnis said conversations with investors indicated that these were highly relevant strategies for the European market.

“We will continue to work with European investors to design the solutions that best fit their needs,” he said.

Hector McNeil, HanETF

In October PT Asset Management partnered with HANetf, a European white-label ETF platform, to launch its first ETF in Europe. The actively managed Performance Trust Total Return Bond UCITS ETF provides exposure to the $59.9 trillion US bond market. PT Asset Management has developed a ‘shape management’ methodology which is a maths-based investment process that analyses the risk-return profile of a bond’s future cashflow.

HANetf said in a statement that PT Asset Management was founded in 2008 and has accrued over $8bn in assets under management across three mutual funds and one ETF. Hector McNeil, co-founder and co-chief executive of HANetf, said in a statement: “It is always exciting to partner with US asset managers such as PT Asset Management to bring new and innovative strategies to European investors. It’s also great to add our first active fixed income ETF.”

HANetf said PTAM was the fifth active ETF on its platform.

Growth potential of European ETFs

McInnis described the growth potential of the European ETF market as “huge.” He gave the example of Germany, which is already a $0.5 trillion ETF market because it has  an efficient ETF platform infrastructure. Investors from many other countries have been reaching out to Avantis and communicating their preference for the ETF vehicle. He added that while there will always be a need to educate investors on the ETF structure, the manager is confident of success in European markets.

 Source: ETFGI

The current state of the European ETF market is similar to when Avantis entered the US market five years ago, according to McInnis.

“There was already quite broad adoption of passive ETFs, but we found many investors interested in learning more about the vehicle and since then have seen a proliferation of active strategies being offered,” added McInnis.

As active ETFs develop in Europe, he expects there will be some winners and some losers as in any highly competitive market,  He said the response to the Xetra listings has been “wonderful.”

“And if we point to our experience with the introduction of more active strategies in a marketplace, in the US we are the fourth largest active ETF issuer coming from a base of zero assets under management five years ago,” McInnis added. “So our expectations for the European market are high.”

Active ETFs accounted for a record 25% of global ETF flows in the first half of this year, with Europe seeing $5.9bn inflows according to HANetf. ETFGI said year-to-date net ETF inflows in Europe were a record $151.9bn at the end of August. “We expect the ETF industry in Europe to end 2024 with record assets and record level of net inflows,” added ETGI’s report.

Detlef Glow, head of EMEA research at research provider LSEG Lipper, said in his September review that the European ETF industry had a lot of net flows into innovative products and new market entrants during the month, including American Century.

Detlef Glow, Lipper

“This market entry means another US asset manager made its way over the pond to offer its asset management expertise to European investors,” said Glow. “In addition, Fair Oaks Capital launched an ETF share class of its Fair Oaks AAA CLO fund, which is the first ETF specializing in collateralized loan obligations in Europe.”

In addition to US managers, the ETF market in Europe is also becoming increasingly attractive to European asset managers according to Glow. He highlighted that Italian Intesa Sanpaolo’s private banking arm, Fideuram, entered the European ETF industry with the launch of six ETFs on its new D-X ETF platform. In September, Dutch asset manager Robeco also announced the launch of six active ETFs as a first step to leverage its existing asset management capabilities and expertise.

“All these new market entrants demonstrate that the European ETF industry is a fast-growing industry which will further increase its market share within the European asset management industry,” said Glow. “From my point of view, the launch of actively managed ETFs from well-known asset managers will be one of the growth drivers.”

SEC Approves Options on Bitcoin ETFs

By
SEC
-

The US Securities and Exchange Commission has approving listings of options on bitcoin ETFs from the New York Stock Exchange and the Chicago Board Options Exchange.

The NYSE filing said:

“The Exchange proposes to amend Rule 915 (Criteria for Underlying Securities). Specifically, the Exchange proposes to amend Rule 915, Commentary .10 to allow the Exchange to list and trade options on the following exchange-traded products: the Grayscale Bitcoin Trust (BTC) (the “Grayscale Fund” or “GBTC”), the Grayscale Bitcoin Mini Trust BTC (the “Grayscale Mini Fund” or “BTC”), and the Bitwise Bitcoin ETF (the “Bitwise Fund” or “BITB” and, collectively, the “Bitcoin Funds” or “Funds”).6

The Exchange notes that this is a competitive filing as the Commission recently approved a rule proposal by Nasdaq ISE, LLC (“ISE”) to allow the listing and trading of options on iShares Bitcoin Trust (or IBIT), which is a trust that holds bitcoin (referred to herein as the “ISE IBIT Approval Order”).7

As discussed herein, the Exchange believes, like the recently-approved options on IBIT, options on the Bitcoin Funds would permit hedging, and allow for more liquidity, better price efficiency, and less volatility with respect to the underlying Funds. Further, permitting the listing of such options would enhance the transparency and efficiency of markets in these and correlated products.”

The Cboe filing said:

“The Exchange proposes to amend Rule 4.3 regarding the criteria for underlying securities. Specifically, the Exchange proposes to amend Rule 4.3, Interpretation and Policy .06(a)(4) to allow the Exchange to list and trade options on Units7 that represent interests in the Fidelity Wise Origin Bitcoin Fund (the “Fidelity Fund”) and the ARK 21Shares Bitcoin ETF (the “ARK 21 Fund” and, with the Fidelity Fund, the “Bitcoin Funds”)8 , designating them as “Units” deemed appropriate for options trading on the Exchange.

Current Rule 4.3, Interpretation and Policy .06 provides that, subject to certain other criteria set forth in that Rule, securities deemed appropriate for options trading include Units that represent certain types of interests,9 including interests in certain specific trusts that hold financial instruments, money market instruments, or precious metals (which are deemed commodities). “

Source: SEC

ON THE MOVE: Eric Aboaf to Leave State Street; JPMorganChase Names Brad D. Smith

By
Anna Lyudvig
-
Eric Aboaf

State Street Corporation has announced that Eric Aboaf, vice chairman and chief financial officer, has made the decision to accept a new opportunity outside of banking and is expected to leave State Street in February of 2025. State Street has commenced its succession plan with a formal internal and external search process and Aboaf will stay on and work closely with the State Street team into February to ensure an orderly transition.

Brad D. Smith

JPMorganChase has elected Brad D. Smith as a director of the company, effective January 21, 2025. Smith has been the President of Marshall University since January 2022. Before returning to serve his alma mater, he was the CEO of Intuit for 11 years where he helped redefine the company from a North American desktop software company to a global cloud-based platform, growing its customer base worldwide through offerings including TurboTax, QuickBooks and Mint. He also served as Chair and Executive Chair of Intuit and held several leadership positions at ADP, PepsiCo, 7UP, and ADVO. He currently serves on the boards of Amazon.com Inc., Humana Inc. and the Marshall Health Network.

Gurbir S. Grewal

Gurbir S. Grewal, most recently Director of the Division of Enforcement of the US Securities and Exchange Commission, has joined Milbank as a partner in New York. Prior to serving as Director of the SEC’s Division of Enforcement, Grewal served as Attorney General of the State of New Jersey, Bergen County Prosecutor, and a federal criminal prosecutor for both the US Attorney’s Office for the Eastern District of New York and the US Attorney’s Office for New Jersey.

Katherine Keefe will be joining Kroll as Managing Director and Global Cyber Insurance Industry Lead for Kroll’s cyber insurance capabilities worldwide. She previously served as the US Cyber Incident Management Leader at Marsh where she was responsible for leading cyber response and event management, including data breaches and ransomware attacks. 

J.P. Morgan Private Capital has hired Paris Heymann as a new Co-Managing Partner. Heymann joins from Index Ventures where he served as Partner and helped establish the firm’s New York office, focusing on software, data, and AI companies across horizontal and vertical markets. Prior to that he was Partner at Arena Holdings where he invested globally in public and private technology companies. 

If you have a new job or promotion to report, let me know at alyudvig@marketsmedia.com

AI Rules the Roost for Financial Institutions, SIX Research Reveals  

By
Press Release
-

London/Zurich – 21st October – Financial institutions remain captivated by artificial intelligence (AI), according to research released today by SIX, with the technology ranking top of financial executives’ wish lists for a consecutive year.  

41% of the 293 C-suite executives surveyed by the Swiss financial market infrastructure group plan to primarily focus on the integration of AI into their business over the next three years. This comes amid expanding use cases for a technology that has dominated boardroom conversations since the explosive advent of ChatGPT, which gave rise to widespread optimism over how it could be applied to a wide range of scenarios in the financial sector.  

A similar number (40%) identified automated compliance and regulatory reporting as the key area that will deliver the most client-value through AI adoption within their own organizations, as attentions turn towards how AI can be utilized to cut down operational admin and analyze the ever-increasing datasets financial institutions now consume.   

Additionally, 38% of senior executives mentioned the implementation of cloud technology as a key priority, with the same number exploring data analytics for value capture to transform their technology stacks.

Commenting on the findings, SIX’s Head of IT, Dave Brupbacher, said: “As use cases of artificial intelligence are progressively implemented in the industry, financial institutions will increasingly rely on financial market infrastructures to provide them with new and improved offerings, leading to enhanced efficiency, better decision-making capabilities, and risk management.”  

These findings were published in the latest edition of the Future of Finance report from SIX, an annual barometer of industry sentiment. 

1...404142...2,168Page 41 of 2,168

MOST READ

✕

SUBSCRIBE FOR TRADERS MAGAZINE EMAIL UPDATES

[activecampaign form=12]