Tim Helyar

Dennis Baillon, director of business development for APAC at Charles River, asserted: “To be successful in today’s market, managers need a platform that provides flexibility in their operating environment and enables them to scale as their business requires.”

Specifically, Perpetual’s Australian asset management business is set to adopt Charles River’s investment management system (IMS) which will manage its domestic and global portfolios, order and execution, compliance, post-trade processing and front-office data.

Craig Squires, group chief operating officer at Perpetual, explained that the decision came as the business sought to address current challenges and complexities across investment management.

“This is an important partnership that ensures the streamlining and simplification of front office operations within Australia on a single OMS platform with Charles River […] Charles River has proven solutions supporting multi-boutique business like Perpetual. Its multi-asset capabilities, particularly across Australian and global fixed income markets, is critical for us to grow our business globally.” 

Read more: Perpetual merges regional asset management businesses under one global umbrella

Last January, Perpetual grew its footstep in Australia through the acquisition Pendal Group – establishing itself as one of Australia’s largest multi-boutique asset managers, with A$213.9 billion AUM as of 31 December 2023.

Tim Helyar, country head for Australia at State Street, said: “Given their commitment to being a truly global asset management business, Charles River’s and State Street’s global network and expertise is a natural fit. We are pleased to extend Charles River into Perpetual’s Australian asset management front office.”

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Coming in at number four in The TRADE’s most read stories for 2023 was news in September that Cboe Global Markets’ chief executive officer Edward Tilly had resigned over undisclosed personal relationships.

Tilly resigned from the company following the conclusion of an investigation into his conduct, launched in late August 2023. The investigation, which was led by the board of directors and an independent counsel, concluded that Tilly did not disclose personal relationships with colleagues, violating the company’s standards and values.

“Cboe strives to uphold the highest ethical standards across the organisation, and fully investigates and takes appropriate action when it determines that any of its policies have been violated,” said William Farrow III – newly appointed non-executive chair of the board of directors.

Appointed to replace him was a member of its board of directors, Fredric J Tomczyk, who assumed the role with immediate effect. Tomcyzyk assumed the role of chief executive officer after four years on Cboe’s board. Previously in his career, he served as president and chief executive of TD Ameritrade Holding Corporation for eight years and as vice chairman of TD Bank Financial Group. Prior to joining TD, he was president and chief executive of London Life and London Insurance Group.

3. SEC issues ruling for a new National Market System

Many of our most read stories over the last 12 months have unsurprisingly had a regulatory focus, given the number of changes taking place across the globe. While much of industry regulatory discussion over the past few years has been centred around the Mifid overhaul in Europe, with certain aspects such as transparency playing the role of poster child for post-Brexit divergence, our readers in 2023 have been more interested in what is happening in the US.

Coming in at number three in our most read stories was news in September that the US’ Securities and Exchange Commission (SEC) had issued a ruling for a new National Market System. Central to the announcement was a filing of a new national market system plan (NMS plan) by the watchdog, specifically directing FINRA and 18 SROs associated with Cboe, Nasdaq, and NYSE to act jointly in developing the NMS plan.

Incumbent exchange groups in the US, which include the aforementioned venues, have historically held total control and voting rights related to the production and dissemination of data. This has led to an ongoing debate by market participants, with many arguing that venues hold an unfair monopoly on the critical market data and creates a conflict of interest.

The SEC subsequently ordered exchanges to submit new plans for governance of market data in May 2020, in a bid to overhaul control over the equity consolidated tape and address conflicts of interest concerns. September’s announcement marked the filing of a new NMS plan “to replace the three existing national market system plans which govern the public dissemination of real-time, consolidated equity market data for national market system stocks”.

The results are set to be published for public comment next year, and according to the SEC, the revised plan must: include a date by which it will become fully effective, alongside a prescribed timeline and periodic progress reports; require that all those involved be subject to the plan’s conflicts-of-interest and confidentiality policies; include specialised provisions regarding the sharing of protected information; and outline rules regarding the use of subcommittees.

2. Perpetual merges regional asset management businesses under one global umbrella

At number two in our most read stories series, we have the announcement that Perpetual Group had merged its regional assets management businesses to form one global division in August. Among the asset management bands that were merged were Perpetual, Pendal, Barrow Hanley, J O Hambro, Regnan, Trillium and TSW. The Group said the move will help it to reap the benefits of a “global multi-boutique model” as well as a global distribution team in asset management.

Rob Adams took on the dual role of chief executive of Perpetual Group and chief executive, asset management. Two further roles were created to support Adams within the asset management leadership team.

“The changes we are making enable us to have an improved focus on our global asset management business and successful execution of strategy, while creating a simplified Perpetual Group leadership structure focused on driving future growth across all our businesses,” said Adams.

Graham Kitchen, who had served as chairman of Trillium and Perpetual corporate entities in the UK, will serve as global head of investment strategy while a search for a permanent candidate commences. Elsewhere, Clare Forster was appointed as global head of business management and strategic delivery. Regional chief executive roles for Europe and UK (EUKA), and the Americas were also impacted by the development. Alexandra Altinger, chief executive of asset management, EUKA (including J O Hambro) subsequently left at the end of August.

1. Majority of prop trading firms obliged to join FINRA under expanded SEC rule

And finally, we reach the crescendo of The TRADE’s most read stories for 2023. Coming in at number one with over 70,000 views was news in August that the US Securities and Exchange Commission (SEC) had moved to expand the remit of national securities associations such as the Financial Industry Regulatory Authority (FINRA) to cover previously exempt proprietary trading firms.

Once again with a regulatory focus at its epicentre, the story unpacked the move by the watchdog and what it would mean for certain types of participants. As the industry’s product universe grows but headcount shrinks, more and more firms are relying on publications such as The TRADE and market structure specialists to explain key regulatory developments.  

The SEC’s August decision to increase the number of broker dealer firms registering with FINRA came as the Commission aims to promote fair, orderly, and more efficient markets. The SEC under Gary Gensler has been overhauling many market areas throughout the course of this year, some of which haven’t seen an update to their regulations in decades.

“Today [23 August], many broker-dealers conduct significant cross-exchange or off-exchange activity,” said Gensler in an August statement. “Yet, some of today’s broker-dealers continue to rely on an exemption from national securities association registration that’s older than the cell phone era. This has led to a regulatory gap whereby a number of firms that have cross-market, monthly trading volume valued in the hundreds of billions of dollars are exempt from national securities association oversight.”

The decision is set to contribute to greater transparency – in particular for off exchange activity – and strengthened oversight in the treasury markets due in large part to the fact that FINRA requires members report post-trade activity in markets.

The post The TRADE’s most read stories of the year part three: Regulation, consolidation and resignation appeared first on The TRADE.

Will Irwin was appointed director of FX institutional sales at Lloyds Bank North America, following his departure from Banco Bilbao Vizcaya Argentaria (BBVA) where he had been serving in a similar role. Prior roles include four years as director of G10 and emerging markets FX at Dankse Bank, as well as director and FX trader at Societe Generale. Elsewhere, Irwin spent almost six years at Nordic universal bank Nordea, most recently serving as senior dealer – foreign exchange sales and trading.

Pictet Asset Management appointed Jade Beckmann as an equity trader. Beckmann joined Pictet Asset Management from Bloomberg, where she most recently served as a professional services sales account manager. Prior to that, she held the role of financial products equity specialist at the firm. Before joining Bloomberg, Beckmann spent eight months at PwC as a technology consulting analyst. Elsewhere in her career, Beckmann held internships at Fonterra, Bloomberg and PwC.

Perpetual Group merged its existing regional asset management businesses to form one global division led by a newly created role of chief executive of asset management. Rob Adams will take on the dual role of chief executive of Perpetual Group and chief executive, asset management. Graham Kitchen, who currently serves as chairman of Trillium and Perpetual corporate entities in the UK, will serve as global head of investment strategy while a search for a permanent candidate commences. Elsewhere, Clare Forster has been appointed as global head of business management and strategic delivery.

The post People Moves Monday: Northern Trust, Lloyds Bank North America and more… appeared first on The TRADE.

The Group said the move will help it to reap the benefits of a “global multi-boutique model” as well as a global distribution team in asset management.

The Group owns asset management bands including Perpetual, Pendal, Barrow Hanley, J O Hambro, Regnan, Trillium and TSW.

Rob Adams will take on the dual role of chief executive of Perpetual Group and chief executive, asset management. Two further roles have been created to support Adams within the AM leadership team.

Graham Kitchen, who currently serves as chairman of Trillium and Perpetual corporate entities in the UK, will serve as global head of investment strategy while a search for a permanent candidate commences. Elsewhere, Clare Forster has been appointed as global head of business management and strategic delivery.

Forster holds years of experience in global asset management, having held senior management positions at Janus Henderson, GAM and Jupiter Asset Management.

Regional chief executive roles for Europe and UK (EUKA), and the Americas have also been impacted by the development. Alexandra Altinger, chief executive of asset management, EUKA (including J O Hambro) will leave at the end of this month.

According to the Group, the J O Hambro Capital Management business will continue to be managed by its long-established executive committee, which will be supported by Forster who will lead the executive committee, pending regulatory and board approval.

“The changes we are making enable us to have an improved focus on our global asset management business and successful execution of strategy, while creating a simplified Perpetual Group leadership structure focused on driving future growth across all our businesses,” said Adams.

“There will be no further changes to the J O Hambro Capital Management executive committee with Andrew Parry remaining as head of investments. Our investment teams, processes and autonomy will remain completely unchanged and we remain focussed on supporting our clients achieve their investment goals.”

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