ISSUE045 - Securities Lending Times

PeopleMovesIndustry appointmentsKirtes Bharti, director, equities and prime servicesat Credit Suisse, has left the bank accordingto sources.Bharti, who is also chairman of the PASLA ExecutiveCommittee is rumoured to be moving to ahedge fund. Credit Suisse declined to comment.Penson’s board of directors has announced theappointment of Robert Basso as independentdirector. He is also appointed as as a memberof two committees - Audit and Nominating andCorporate Governance.In other people moves, James Dyer has resignedfrom the Penson board.HazelTree has appointed Sandeep Rawal aschief technology officer (CTO). He replacesMatt Johnson, who is taking on consulting dutiesfor HazelTree at a hedge fund, which isalso the company’s tenth licensed client.Rawal most recently served as CTO of Fir TreePartners, where AUM grew to more than $7 billionduring his tenure. He brings over 20 yearsof knowledge and experience from Moore CapitalManagement and Maverick Capital in New York.Pasquale Cestaro and Bruce Turner have beennamed co-chief executive officers of Quadriservand members of the firm’s board of directors.Quadriserv operates AQS, a central counterparty-basedmarket that offers automated securitieslending trading in over 5,000 underlyingequity, ETF and ADR products.Cestaro, a 30-year veteran of the equity financeindustry, was previously Quadriserv’s vicechairman. Turner, who oversaw the launch ofthe AQS and AQS Direct platforms, was mostrecently president and chief operating officer.Thomas Perna will continue as chairman.“The combination of Pat, who brings his experiencein working with the biggest players in the securitieslending industry, and Bruce, who has ledsecurities trading, technology and market structureinitiatives for brokerages and exchanges fortwo decades, will further enhance our capabilitiesin meeting the needs of clients,” Perna said.“As liquidity and order flow continue to expandon the AQS platform, our model becomes increasinglycompelling for the industry’s majorparticipants,” Cestaro said. “I look forward tocollaborating even more closely with Bruce asQuadriserv continues exploring ways to providecentral counterparty-based value to new clientsand enhanced services for current customers.”GlobeOp has appointed Tim Ridley to its CaymanIslands subsidiary board. Ridley, the formerchairman of the Cayman Island MonetaryAuthority (CIMA) and a former senior partnerof Maples and Calder, was appointed followingthe recent resignation of Gary Linford.Ridley served as CIMA chairman from 2004-2008, having been a member since 2002. He is afrequent speaker and writer on financial servicesand regulatory themes. Ridley has also served asan editorial board member for several leading industryand legal publications. He currently servesas a director of various private companies.“Demand for greater hedge fund transparencyand governance is increasing,” said VernonBarback, GlobeOp president and COO. “TimRidley’s legal, financial and regulatory expertisewill be a benefit to GlobeOp and its clients. Welook forward to his contributions as we focuson independent valuation, regulatory and boardreporting. I would also like to thank Gary Linfordfor his contributions to GlobeOp - particularlyrelated to Cayman regulatory updates - sincehis appointment to the board in 2008.”The announcement comes as private equityfirm, TPG Capital, agreed to buy GlobeOp for£508 million. Though GlobeOp managementhas urged shareholders to approve the sale,the Financial Times reports that rival hedgefund administrator SS&C Technologies is settingthe stage for a bidding battle.Robert Chiuch has been appointed globalhead of equity finance at BNY Mellon, whileSLTSECURITIESLENDINGTIMESEditor: Ben Wilkieeditor@securitieslendingtimes.comTel: +44 (0)20 3006 2710Journalist: Anna Reitmanannareitman@securitieslendingtimes.comTel: +44 (0) 20 3006 2888Marketing director: Steven Laffertydesign@securitieslendingtimes.comTel: +44 (0)784 3811240Publisher: Justin Lawsonjustinlawson@securitieslendingtimes.comTel: +44 (0)20 8249 2615Office fax: +44 (0)20 8711 5985Published by Black Knight Media Ltd16 Bromley RoadBeckenhamKent, BR3 5JEUKCompany reg: 0719464Copyright C 2012 Black Knight Media Ltd.All rights reserved.Rob Coxon is no longer involved in securitieslending.Chiuch, who was previously managing directorin the securities lending team, will also have responsibilityfor equity finance. He will report toJames Slater, global head of securities lending.Coxon was managing director and head of internationalsecurities lending at BNY Mellon, responsiblefor the EMEA securities lending businessfor the bank. He joined BNY Mellon in 1997as a securities lending trader.His next role has not yet been made public.Experts in Derivatives, Financing and PrimeTechnology | Front Office | Operations | Advisory and Interim | Executive Search | Contingency RecruitmentWe’d like to demonstrate how we can offer you a betterexperience so please talk to one of our team on +44 207 099 5430or info@equitylinked.co.uk.32www.securitieslendingtimes.comEquityLinkedStrip.indd 1 17/2/12 08:54:32