People moves: Basel Committee names new leaders, SEC’s first CRO, forex exits at BNP Paribas, and more

Latest job changes across the industry

Carolyn Rogers
Carolyn Rogers: the Basel Committee’s next secretary-general

The Basel Committee on Banking Supervision has named Carolyn Rogers its next secretary-general. Rogers will also serve as chair of the committee’s policy development group. Rogers is assistant superintendent of regulation at Canada’s banking watchdog, the Office of the Superintendent of Financial Institutions. She is also OSFI’s representative on the Basel Committee. She leaves her current role in June, and starts in Basel on August 14 for an initial three-year term, which may be extended.

Rogers takes over from Bill Coen, who has been secretary-general since 2014. Coen’s tenure included major revisions to the Basel III capital framework, which were finalised in December 2017.

The Basel Committee has also appointed Pablo Hernández de Cos as chairman, effective from March 7. He will assume duties from the incumbent, Stefan Ingves, who has been chair since 2011. Hernandez will continue in his current role as governor of the Bank of Spain, which he took up in 2018.

The US Securities and Exchange Commission (SEC) has named Gabriel Benincasa its chief risk officer. He takes over from Julie Erhardt, acting chief risk officer, who returns to her post as deputy chief accountant for technology and innovation.

Benincasa is the first permanent occupant of the position, which involves overseeing risk management and cyber security. He joins from US lender CIT Group, where he held a senior risk management role. He has also held compliance and risk posts at Credit Suisse, Morgan Stanley and Bank of America, his LinkedIn profile shows.

The SEC has also appointed SP Kothari as chief economist and director of the economic and risk analysis division. Kothari takes over from acting director Chyhe Becker, who will continue as deputy director and associate director of litigation economics. Prior to his appointment, Kothari was a professor of accounting and finance and deputy dean at MIT Sloan School of Management. His two decades in academia were interrupted by a brief spell as global head of equity research at Barclays Global Investors, before the firm was taken over by BlackRock in 2009.

Credit Suisse has appointed Lara Warner as group chief risk officer, effective as of February 2019. Warner will report directly to chief executive Tidjane Thiam. Warner replaces Jo Oechslin, who is stepping down after five years as the bank’s CRO to become a senior adviser in risk management. Prior to the appointment, Warner was the chief compliance and regulatory affairs officer at Credit Suisse. She joined the bank in 2002 as a senior equity research analyst.

Subodh Karnik and Andrew Schlesinger have left BNP Paribas’s foreign exchange local markets trading team. Karnik was head of institutional sales for the US in forex local markets and commodity derivatives, based in New York. He joined BNPP in 2015. Previously, he was head of US fixed income, currencies and commodities sales at National Australia Bank in New York. Schlesinger was US head of emerging markets sales, based in Connecticut, and he joined the bank in 2012.

Stuart Oakley has returned to Nomura as global head of flow forex. He joins from Crédit Agricole, where he was head of rates and forex for Asia. Oakley reports locally to Asa Attwell, regional head of forex and emerging markets trading, and globally to Rig Karkhanis, global head of forex and emerging markets, and head of global markets, Asia ex-Japan.

Oakley will initially be based in London, before transferring to Singapore at the beginning of the new financial year, where he will be responsible for developing Nomura’s flow forex business. His previous role at Nomura was global head of emerging markets flow forex and head of emerging markets macro for Europe, the Middle East and Africa (Emea).

Mizuho Bank has added Asif Godall as head of global markets for Emea. The move was effective from March 25, pending regulatory approval. Based in London, Godall will be responsible for fixed income, equities sales and trading, convertible bonds trading, structured solutions, and derivatives solutions.

Godall joins from Cairn Capital, where he was co-chief investment officer. He was responsible for investments in multi-asset credit, structured credit, real estate and collateralised loan obligations. Before Cairn, Godall spent 17 years at HSBC in senior roles across global macro strategic trading, fixed income and forex trading. He replaces Zahra Peerbhoy, who has recently left Mizuho.

Justin Gilmore has left Citadel Securities, after four years as a director of forex market-making. Gilmore joined the firm in 2015, and was responsible for business development, and sales and distribution of Citadel Securities products. Prior to this, he was at Shift Forex, a consultancy he co-founded in 2009.

Wells Fargo’s chief executive officer, Tim Sloan, has quit. His formal departure date is June 30, but he relinquishes his role as CEO, president and board member immediately. His temporary replacement is the bank’s general counsel, Allen Parker.

The bank has announced it will be seeking an external candidate to permanently replace Sloan. He served for more than 30 years at the San Francisco-based lender, the US’s third-largest bank by assets.

Michelle Neal 2017 2
Michelle Neal, heading to RBC

Royal Bank of Canada has poached Michelle Neal, chief executive of the markets business at BNY Mellon, to become its new head of fixed income, currencies and commodities in the US. She will report to the bank’s global head of fixed income, commodities and currencies (Ficc), Jonathan Hunter, and will be based in New York. At BNY Mellon, Neal was responsible for fixed income sales and trading, debt capital markets, forex, securities finance, collateral management, and liquidity services. She joined BNY Mellon in 2015 from Deutsche Bank, where she was head of listed derivatives in the markets division. She held previous roles at Nomura, RBS and several tech vendors.

RBC has also hired Ronan Doyle as global head of product management for investor and treasury services. He is based in Dublin, and reports to Paul Stillabower, global head of product management. Doyle joins from commercial lender Bank of Ireland, where he was chief operating officer of group customer, digital and innovation. Before that, he was Citi’s regional head of transfer agency product management in the markets and securities services division.

State Street has promoted Lou Maiuri to the role of chief operating officer. He was previously head of the firm’s global markets and exchange businesses. In his new role, Maiuri will report to president and CEO Ron O’Hanley. He will continue to serve on the management committee.

Prior to rejoining State Street in 2013, Maiuri was at BNY Mellon as deputy CEO of asset servicing, head of the global financial institutions group within the asset servicing business, as well as a member of the operating committee. His previous stint at State Street was in the 1990s.

Asset manager Mariner Investment has hired Curtis Arledge as CEO and chairman. He will also lead the asset management arm of parent company, Orix USA. Arledge returns to Mariner after a 20-year hiatus, during which he worked at BlackRock and BNY Mellon, and had a spell in academia at Harvard Business School.

Yuval Rooz has been promoted to CEO of fintech firm Digital Asset. Rooz replaces acting CEO, AG Gangadhar, who reverts to his previous role as executive chairman. In December 2018, previous chief Blythe Masters left the firm. Rooz co-founded the firm in 2014, and has served as chief financial officer and as chief operating officer.

Trading firm XTX Markets has appointed Serge Harry as board chairman of its newly created French entity. Harry has experience in senior roles at a number of exchanges, including London Stock Exchange Group, New York Stock Exchange, Euronext and Euroclear. He is also a non-executive director at MTS France, CurveGlobal and LCH’s French arm.

XTX Markets has also appointed Geoffrey Damien as head of its French unit. Damien joins from Euronext, where he was responsible for product development and retail execution.

Index provider MSCI has hired Lee Phillips as head of fixed-income coverage for Emea, and country head for UK and Ireland. He will report to Alvise Munari, head of Emea client coverage, and will be based in London. Phillips joins MSCI from FTSE Russell, where he served as managing director in global strategic account management. Prior to that, he was regional head of index and portfolio analytics sales at Barclays.

Mark Russell will be joining TP Icap, an interdealer broker, as chief commercial officer for its credit business in the Emea region. He joins in the summer, reporting to Frits Vogels, head of Emea. Part of Russell’s duties will be to update trading practices. Previously, he was head of European credit at e-trading platform Tradeweb, and prior to that, he spent 19 years at UBS, where he ran the electronic bond trading platform Bond Port.

Maurice Tulloch of Aviva
Photo: Aviva
Maurice Tulloch, Aviva

Maurice Tulloch has been named the new chief executive officer of UK insurer Aviva, effective from March 4. The previous CEO, Mark Wilson, stepped down last October, and his employment at the company is due to formally end in April. Adrian Montague, chairman of the board, had taken temporary charge of running the firm since October. Montague will now revert to his role as non-executive chairman.

Tulloch joined Aviva in 1992, soon after graduating from university in Canada. He spent a number of years with Aviva’s Canada business, before moving to international roles. His most recent post was chairman of the global general insurance division and CEO of the international insurance division. He was appointed to the board in 2017.

UK insurer RSA has hired Charlotte Jones as chief financial officer. Jones leaves Jupiter Asset Management, where she held a similar role. She replaces Scott Egan, who became CEO of RSA’s UK and international division in February.

Jones will report to RSA’s group CEO Stephen Hester. She will also serve on the board as an executive director. Jones already has a connection with RSA, as she is currently a non-executive director of the company, and member of the group audit and board risk committees. She will take up her new position in the summer.

Michael Piwowar has been named senior adviser at electronic market-maker GTS. Piwowar is a former commissioner and acting chairman of the US Securities and Exchange Commission, as well as an executive director of the Milken Institute’s Center for Financial Markets. He will provide GTS with legislative and regulatory advice, working closely with CEO Ari Rubenstein.

José Manuel Campa has been confirmed to become the next chairman of the European Banking Authority. Campa will initially serve a five-year term, and will be based in London and then Paris as the EBA moves headquarters.

Itiviti, a trading platform provider, has appointed Rob Mackay as the new CEO, starting April 1. Based in London, Mackay joins from FIS, where he was chief operating officer of the cross-asset trading and risk business unit. Prior positions at FIS include chief operating officer of hedge funds and risk, and managing director of alternative investments.

Regtech company Exiger named Jason Holt its head of Emea. London-based Holt replaces Lisa Osofsky, who became director of the UK’s Serious Fraud Office last September. Holt will be responsible for expanding into the Emea region. He started his career at the UK’s Metropolitan Police Service, before moving into financial crime roles at Bank of America Merrill Lynch, JP Morgan and Barclays.

Venu Palaparthi has joined Dash Financial Technologies as chief compliance officer and head of regulatory affairs. He joins from Tagomi Holdings, an electronic brokerage, where he held a similar post. Prior to that, he worked in regulatory and government affairs at Virtu Financial. In his new role, Palaparthi will oversee Dash’s compliance strategy, including internal regulatory policies and compliance with government regulations.

Trade intermediary Instimatch Global has appointed Bobby Bhakar as its new chief technology officer. Bhakar joins from BGC Partners, where he was the head of credit index trading and later global product strategy manager.

Lindsey Sine has joined the prime brokerage unit at INTL FCStone as director of client services and onboarding, based in Atlanta. Sine was previously branch manager of Goldman Sachs’s prime brokerage business in Chicago.

Jonathan Kellner has been appointed CEO of MEMX, a newly launched equities exchange company. MEMX was created earlier this year by a consortium of banks, brokers and market-makers, including Bank of America Securities, Morgan Stanley, Citadel Securities and Virtu Financial. The member-owned exchange aims to reduce costs for trading firms.

Prior to his appointment, Kellner was CEO of Instinet, a broker and independent equity trading part of Nomura Group. He left Instinet at the end of 2018.

Additional reporting by Hamad Ali, Julia Bahr, Robert Mackenzie Smith and Laura Matthews

Editing by Alex Krohn

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