Our free FinTech roundup includes proxy data news from Broadridge, a new U.S. diversity head for Capco, and a new CEO for Newton Investment Management.
‘Citi Global Wealth’ Launches
Citi officials report that they have spliced together the bank’s Global Consumer Banking (GCB) and the Institutional Clients Group (ICG) and formed a “unified wealth management organization” dubbed Citi Global Wealth, that will yield one streamlined, integrated platform to serve clients ranging from those in affluent segments to ultra-high net worth customers.
Jim O’Donnell will oversee Citi Global Wealth, which will include the Citi Private Bank and Citi Personal Wealth Management divisions, according to Citi. O’Donnell will report to Anand Selva, CEO of Global Consumer Banking, and Paco Ybarra, CEO of the Institutional Clients Group.
Before his new role, O’Donnell was global head of investor sales and relationship management, where he was responsible for the distribution of global markets products to Citi’s equities, fixed income, currencies, and commodities clients, according to Citi. He joined Citi in July 1999.
“Making wealth management a key differentiator and source of enhanced returns for Citi will be an important element of our strategy going forward and putting the full force of our firm behind an offering in this way is indicative of the approach we’re taking to transforming our bank,” says Michael Corbat. CEO for Citi, and Jane Fraser, Citi president and incoming CEO, via an internal memo to staff.
Broadridge Applies A.I. to Proxy Voting Data
Just in time for the start of proxy season, Broadridge Financial Solutions, Inc., a post-trade financial technology specialist, has launched Broadridge Proxy Policies & Insights (PPI) Data, which provides an “open data-feed of proxy voting data and analytics.”
This new platform, which employs machine learning services from Amazon Web Services, “provides broker-dealers, institutional investors, mutual funds, retail investors, regulators and academics with access to over 5 million proxy voting data points, from more than 85,000 meeting agendas and a wide coverage of regulatory documents,” according to a Broadridge statement.
For broker-dealers, the new platform offers an “opportunity to differentiate their customers’ experience in the broker’s app or website by making it simple and easy for passionate investors to be aware of, for example, ESG proxy proposals that impact the future of their investments,” the statement specifies.
The data can “be used by broker-dealers to provide content to retail shareholders during the voter experience, as well as engage investors with insights on top-of-mind proxy proposals. For institutions, it provides an independent set of proxy voting data that can inform voting without providing voting recommendations,” Broadridge officials add.
Broadridge Financial Solutions describes itself as “provider of investor communications and technology-driven solutions to banks, broker-dealers, asset and wealth managers and corporate issuers. Broadridge’s infrastructure underpins proxy voting services for over 50 percent of public companies and mutual funds globally, and processes on average more than U.S. $10 trillion in fixed income and equity securities trades per day. Broadridge is part of the S&P 500 Index and employs more than 12,000 associates in 17 countries.
Capco Names U.S. Head of Diversity
Capco, a management and technology consultancy, has named Dee McDougal as its new U.S. head of diversity, equity and inclusion (DE&I).
The consultancy characterizes McDougal’s appointment as a tangible expression of its “public commitment to effect a tangible step-change around diversity, equity and inclusion to accelerate its Diversity & Inclusion (D&I) agenda and ensure a zero-tolerance attitude toward discriminatory behavior.”
McDougal will be based at Capco’s office in Charlotte, N.C., reporting to Mary Keller, U.S. head of human resources, according to a statement, which also notes that she “joins Capco from Pacific Western Bank (PWB), where she served as senior vice president of D&I. In that role she led PWB’s corporate diversity and inclusion strategy, and developed education and engagement programs for internal and external stakeholders.”
Newton Investment Management Taps Aviva for New CEO
Newton Investment Management, a unit of BNY Mellon Investment Management, reports that it has appointed Euan Munro as its chief executive officer, subject to Financial Conduct Authority approval in the U.K.
Munro is scheduled to join Newton on June 23, 2021 and will report to Hanneke Smits, CEO of BNY Mellon Investment Management.
Munro’s investment career “spans three decades,” according to a Newton statement, which notes that, most recently, he was CEO of Aviva Investors and a member of its executive committee for seven years. Before that, he was head of global multi-asset and fixed interest investing at Standard Life Investments, according to Newton.
Andrew Downs will continue as Newton’s interim CEO until Munro joins the company and receives approval from the FCA, the statement specifies. After that time, he will “resume his role as chief operating officer of Newton.”
Newton Investment Management Ltd. is a London-based subsidiary of the Bank of New York Mellon Corp.