People on the Move
People on the Move is your definitive tracker of job changes, new leaders, and career shifts among the movers and shakers in global finance. Each day, we track changes in leadership at financial institutions, discuss new funds openings, and the funds that have shuttered their doors and changed strategies.
If you or someone you know in finance has made a big change in their career, contact us or share a press release. We track job developments across the United States, Europe, Asia, and the Middle East in both the public and private space. If the job change impacts global investment firms, you’ll find an update and bio in this section.
Top Story
Essentia Analytics has added Martin Fincham to its Board of Directors. The company is a provider of behavioral data analytics and consulting for professional investors. Fincham comes to the firm with three decades of experience in the technology industry as an entrepreneur, CEO, and advisor to tech companies. He is currently on the boards of multiple B2B SaaS companies, including SHE Software, EyeQuant, Veeqo, Wazoku, and BlackCurve.
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More Stories on People on the Move
Venture Capital: Salesforce Snaps Up CRM Startup Vlocity For $1.33B
Salesforce snaps up CRM startup Vlocity for $1.33B. Vlocity builds CRM systems that are industry-specific, cloud and mobile-based. Vlocity’s industry solutions are communications, media and entertainment, insurance and financial services, health, energy and utilities, and government and nonprofits.
FinTech: Ralph Hamers is ING’s Loss, UBS’ Gain
UBS, the world’s biggest wealth manager, has appointed Ralph Hamers to succeed Sergio Ermotti as its chief executive. Hamers is currently CEO of ING, having worked for 29 years at the Dutch bank. Hamers will depart ING as of June 30, join UBS on September 1, 2020, and be designated the Swiss bank’s Group CEO with effect from November 1, 2020.
Artificial Intelligence: Lt. Gen. Jack Shanahan, Pentagon’s AI Chief to Retire
The Pentagon is due to announce today the retirement in summer of Lt Gen Jack Shanahan, the first Director of the Pentagon’s Joint Artificial Intelligence Centre (JAIC), says C4ISRNET.
In this position, Shanahan has been responsible for accelerating the delivery of artificial intelligence-enabled capabilities, scaling the department-wide impact of AI and synchronizing AI activities to expand joint force advantages.
Hedge Funds: AQR Capital is Cutting Staff… “It’s Carnage”
AQR Capital has $186 billion under management. Its $2.1 billion Style Premia Alternative Fund lost 8.2% in 2019. And now, the company is cutting its staff for the second straight year. Bloomberg reports that the firm will cut between 5% to 10% of its staff after outflows hit the company again this year.
The DailyAlts Playbook – January 6, 2020
Today, the DailyAlts Playbook talks zero-fee hedge funds, where REITs go from here, our chat with Daniel Rasmussen, and the CFTC manhunt for a crypto manager and his client’s $147 million.
Standard Chartered Appoints Rene W. Keller As CIO (And Other People on the Move)
Standard Chartered announced Rene W. Keller will become CIO, Corporate, Commercial & Institutional Banking (CCIB). Based in Singapore, he will report to Dr. Michael Gorriz, Group CIO. Keller will be responsible for the business’ technology strategy, architecture and delivery value chain that will drive strategic business outcomes.
CalPERS Fires External Equity Managers For Long-Term Underperformance
CalPERS, the largest pension system in the US, just took a scalpel to funds allocated to external equity managers.
In a major restructuring of its investment process, CalPERS slashed allocations to external equity managers from $33.6 million to $5.5 million. Only three out of 17 external managers survived the purge, according to an exclusive report by Chief Investment Officer.
Further, the pension fund restructured its emerging managers’ program, docking its allocation from $3.6 billion to just $500 million. Only one out of the five emerging managers stayed on.
Another High-Level Exit, and Job Cuts, At Scandal-Rocked GAM Holding
No respite for GAM Holding as it weighs a 40% cut in its workforce and the departure of its Head of Investments.
GAM Holding announced Monday the departure of Matthew Beesley, group head of investments, with effect from the second quarter of 2020.
Dennis Davitt Joins Hedge Fund Malachite Capital (And Other People on the Move)
Malachite Capital has hired David Davitt as a Portfolio Manager and Head of Malachite Equity Strategies.
WeWork’s ‘Mr Fixit’ CEO May Be Drawn from A Telecom Company
Fixer-upper WeWork’s new CEO could be T-Mobile Head, John Legere.
That’s from a report in the Wall Street Journal that says WeWork is in talks with T-Mobile CEO John Legere to appoint him as CEO.
WeWork is the troubled office-sharing start-up recently forced to shelve its IPO. Flamboyant CEO Adam Neumann was shunted out, and executives Artie Minson and Sebastian Gunningham currently run the company.
Alan Howard Steps Down from His Post
Alan Howard, the founder of Brevan Howard Asset Management, is stepping down from his role as CEO. According to reports, Aron Landy, the firm’s chief risk officer, will assume the CEO role.
New KKR Leadership in Americas, Europe, and Asia Pacific
KKR leadership changes occurred this week. The private equity giant promoted six people (in three pairs) to lead the firm’s private equity businesses in the Americas, Europe, and Asia-Pacific.
London Stock Exchange Group Hires Tadashi Tago – (And Other People on the Move)
London Stock Exchange Group picks Bloomberg Leader for New Role in Japan The London Stock Exchange Group (LSEG) hired Tadashi Tago to the role of information services in Japan. Tago comes over from Bloomberg, where he ran the company’s index and analytics business. A report from The Trade indicates that Tago joined October 7. He will…
Blackrock Hires New HR Chief (And Other People on the Move)
BlackRock hires always generate headlines. The latest high-profile news is that the world’s largest asset manager has appointed Manish Mehta to the role of global head of human resources. Reuters first reported the news after accessing a company memo. He will also join the company’s global executive committee and will report to BlackRock head Larry Fink.
Martin Gilbert is Departing Aberdeen Standard Investments
Martin Gilbert is not seeking re-election as chairman of Aberdeen Standard Investments. Instead, he will also depart his role vice-chairman of parent company Standard Life Aberdeen on Sept. 30, 2020. Gilbert co-founded the company in 1980 and helped steer its merger with Standard Life in 2017.
Goldman Shakes Up Asia M&A Team after John Kim Leaves (And Other People on the Move)
Bank splits M&A leadership role between two rising stars Goldman Sachs has hired two new leaders to operate the company’s M&A group in Asia ex-Japan. The firm has appointed co-heads Raghav Maliah and Jung Min to replace partner John Kim. Maliah joined Goldman in 2000. He recently served as global vice-chairman of investment banking and…
Credit Suisse COO Out Due to Spying Scandal (and Other People on the Move)
The Credit Suisse COO has stepped down after a bizarre spying scandal rattled the firm. An internal probe at the firm found that Pierre-Olivier Bouée ordered the spying on the bank’s former head of wealth management.
Dennis White Takes Over Massive Chicago Pension Fund (and More People on the Move)
The Chicago Municipal Employees’ Annuity & Benefit Fund has appointed Dennis White as the new executive director of the $3.8 billion fund. White will replace Jim Mohler, who recently left the fund to take over the $1.3 billion Chicago Metropolitan Water Reclamation District Retirement Fund.
Citadel Launches Zurich Office (And People on the Move)
Hedge fund Citadel is launching a new office in Zurich. The new space will host its marketing-arm, Citadel Securities, according to the firm. This division is one of the world’s top shops for high-frequency trading.
Juul Labs CEO Kevin Burns Steps Down (And Other People on the Move) – September 26, 2019
Juul Labs CEO Kevin Burns Departs the Business He Co-Founded Juul Labs CEO Kevin Burns stepped down Wednesday from his role. The announcement comes as merger talks between Altria and Phillip Morris collapsed. The ongoing moral panic about vaping products has fueled negative headlines for the company and other industry participants. With Washington D.C. holding…
Adam Farkas to Join AFM in Europe (and More People on the Move) – September 18, 2019
Adam Farkas is the next CEO of the Association for Financial Markets in Europe. The Association for Financial Markets in Europe has announced its replacement for Simon Lewis. Adam Farkas, executive director of the European Banking Authority, will succeed Lewis. The news swiftly earned criticism due to the fact that the banking lobby has appointed…
The Goldman Sachs Shakeup Continues (And More People on the Move)
Goldman Chief Risk Officer Robin Vance is the latest executive to depart the firm Goldman Sachs Group has announced the departure of another high-profile executive. According to Reuters, Robin Vance will step down from the role of Chief Risk Officer at the end of the year. Vance worked at Goldman Sachs for 25 years and…
Carl Icahn is Relocating his Office to Miami (and More People on the Move)
Carl Icahn relocates, Aberdeen Standard Has New Reseach Head, and Blackstone Adds a New Director Carl Icahn is moving his hedge fund to Miami to capture better tax benefits. The hedge fund manager is relocating from New York. Icahn will move half of his employees and himself in early 2020, according to Reuters. Carl Icahn…
Mizuho Americas Hires Bob Wright to Key Sales and Trading Role
The new hire will operate out of New York office Mizuho Americas has hired Bob Wright as its head of execution services sales and trading in the United States. According to a statement released by the company last week, Wright will report to Head of the Equity Division in the Americas Darlene Pasquill. The addition will…