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DTCC and Thomson Financial Name Board Members and a New CEO for Global Joint Venture
New York, Boston, London -- March 16, 2001 - The Depository Trust & Clearing Corporation (DTCC) and Thomson Financial, a unit of The Thomson Corporation, announced today the appointment of five outside Board members from the financial services industry to serve on the Board of its new planned joint venture company. The recently named venture, Omgeo, will provide global straight-through processing of institutional trades and serve broker dealers, custodians and investment managers in 37 countries.
In addition, Adam Bryan has been named the new President and CEO, replacing P. Howard Edelstein, who has decided to step down from his role leading the new venture. Howard will continue to provide strategic consulting for both Omgeo and Thomson Financial while he pursues opportunities within Thomson Financial.
Joining the nine-member Board are:
- Alexander Lamont II, formerly Director of International Operations and Control for the Equity Trading Department of FMR Co.;
- Jürgen Marziniak, Chief Executive Officer, Global Securities Services at Deutsche Bank AG;
- Eileen K. Murray, Chief Administrative Officer, Morgan Stanley Dean Witter's International Securities Group;
- Thomas J. Perna, Senior Executive Vice President, The Bank Of New York; and
- Diane L. Schueneman, First Vice President, Merrill Lynch Investment Managers.
Omgeo's Board will also include two representatives each from DTCC and Thomson Financial. Representing the DTCC will be Jill M. Considine, DTCC Chairman and CEO, and Robert J. McGrail, DTCC Managing Director of New Business Ventures. Representing Thomson Financial will be Sharon W. Rowlands, Chief Operating Officer of Thomson Financial, and another representative of Thomson Financial to be determined at a later date.
"We're pleased to have such a diverse, distinguished and broadly representative group of senior executives from the industry agreeing to serve on Omgeo's Board," said Robert J. McGrail, Omgeo's Chairman. "Their experience and skills will provide valued insight and guidance as we move forward with our plans to transform traditional securities processing into seamless, streamlined and efficient trade management."
Adam Bryan, who joins Omgeo as President and CEO effective upon regulatory approval, is no stranger to the business of electronic trade confirmation and global trade management. He had been serving as Chief Operating Officer of the Broker/Fund Management group of Thomson Financial, a position he has held since May 2000. With the recent acquisition of Primark, the group included the following businesses: AutEx, Baseline, Datastream, First Call, I/B/E/S, Institutional Shareholder Services, PIMS, Securities Information Center, Thomson Financial Software Solutions, Treasury Solutions and Vestek.
Prior, Bryan had served as Chief Operating Officer of Thomson Financial ESG, where he was responsible for driving the development and implementation of the strategic and operational missions of the company. He also served as Managing Director for ESG, overseeing all Thomson ESG management, sales and business activities throughout the Asia Pacific region, including Australia and Japan. Since joining Thomson Financial in 1992, Bryan has served as Managing Director for the company's publishing arm in Asia Pacific, and in a number of senior management positions, including Chief Financial Officer for Thomson Financial's Asian operations.
Before joining Thomson Financial, Bryan worked for Coopers & Lybrand in both Sydney and London. Born in Australia, he has a bachelor of business degree and is a Chartered Accountant.
Howard Edelstein, who created and has led Thomson ESG since its inception and has spearheaded the effort to develop the joint venture with the DTCC, has announced his preference to step back from leading the day-to-day operation now that Omgeo is expected to shortly receive regulatory approval.
"At this point," said Edelstein, "I think it's time for a change and a chance to pursue other business interests that I've had for some time. I am committed to stay on with Thomson as an advisor, and to work with Adam and Bob to complete the regulatory approval process and the launch of this new company. Adam is a great guy and very well suited to lead the venture to its next stage. I have complete confidence in a smooth transition with Adam at the helm."
"Howard has been terrific working with me to get this joint venture off the ground," said McGrail. "He's left an indelible mark on the industry. We are indebted to Howard for agreeing to help us through the launch of Omgeo and wish him well as he pursues these new challenges."
"We are very excited to have Adam Bryan join Omgeo at this point, because of his broad understanding of the institutional processing business worldwide and the exceptional reputation he has at The Thomson Corporation and within our industry," McGrail explained. "Adam, Howard and I will be working quite closely as a team in the coming months to ensure our progress with Omgeo is swift and brings value-added services to our customers."
McGrail explained that now that issues of governance and management structure had been finalized, Omgeo was fully prepared for the launch of this new venture. "We expect regulatory approval shortly and we'll begin by leveraging the existing capabilities and customer bases (15,000 custodian banks, investment manager and broker/dealers) of Thomson's electronic trade confirmation business with DTCC's depository trade matching business."
Board Bios for Outside Directors:
Alexander Lamont II was Director of International Operations and Control for the Equity Trading Department of FMR Co. for 12 years and retired from Fidelity Investments in July 1999. His responsibilities at Fidelity included directing the daily activities of a global team and four trading desks in Tokyo, Hong Kong, London and Boston. He joined Fidelity as a Senior Equity Trader in 1980. Mr. Lamont began his financial-services career in the mid-1960s with a Boston bank. He became manager of the bank trust department security trading area in 1972. He is a 1965 graduate of Harvard University.
Jürgen Marziniak is Chief Executive Officer of Global Securities Services at Deutsche Bank AG. He is responsible for Customer Management, Global Securities Operations and Global Securities Information Technology. Prior to his current role, Mr. Marziniak was Chief Executive Officer of Clearstream Banking Luxembourg (formerly Cedelbank) and was responsible for sales world-wide, product development, strategic business planning, credit and treasury. He joined Clearstream Banking Luxembourg in 1998 as Chief Operating Officer and was a member of the Group Executive Management.
Before that, Mr. Marziniak had over 20 years of experience in international banking, securities and custody services at the Deutsche Bank Group. His experience includes senior roles in the commercial and institutional banking divisions of Deutsche Bank as General Branch Manager both in Germany and Hong Kong and Country and General Manager in Indonesia. Mr. Marziniak is a member of the Board of the International Society of Securities Administrators (ISSA) and previously served on the Executive Board of the Society for Worldwide Interbank Financial Telecommunications (S.W.I.F.T.) in Germany. Mr. Marziniak has a master degree in economics.
Eileen K. Murray has been Chief Administrative Officer of Morgan Stanley Dean Witter's International Securities Group since 1999. Prior to the merger of Morgan Stanley and Dean Witter, Ms. Murray served as Controller and Treasurer of the MS Group. She has been with Morgan Stanley since 1984, starting as a Senior Analyst in the Controller's office. She was elected Vice President in 1988, Principal in 1991 and Managing Director in 1994. Prior to joining Morgan Stanley, she worked at Peat Marwick for several years. She graduated with a B.S.C. in Accounting from Manhattan College in 1980.
Thomas J. Perna is Senior Executive Vice President at The Bank of New York, where he's responsible for relationship management, client services, product management and operations for several of the Bank's businesses including domestic and global custody, government securities clearance, securities lending, mutual funds custody, unit investment trust and the banking needs of the financial services, government, and securities industries.
Mr. Perna joined The Bank of New York in February 1986, when the bank acquired Fidata Trust Company (Bradford Trust Company), an innovative supplier of processing services to the institutional marketplace, where Mr. Perna served as president and chief executive officer. Prior to joining Fidata, Mr. Perna served in systems and operations positions with the New York Stock Exchange member firms of DeCoppett & Doremus and H. Hentz & Company. Mr. Perna serves on the Boards of Directors of the Depository Trust & Clearing Corporation (DTCC), Euroclear Bank S.A. and Euroclear Clearance System Plc and is a member of a number of banking and securities industry associations.
Diane L. Schueneman, First Vice President of Merrill Lynch Investment Managers Operations, is responsible for overseeing the Operations professionals supporting all products and services offered by the Investment Management division of Merrill Lynch worldwide. Ms. Schueneman joined Merrill Lynch in 1971 and has held various positions with the company, including Institutional Account Executive, Sales Administration, International Equity Business Manager in London, Director of Futures Execution Services and Clearing Services, and Senior Director of International, Fixed Income and Derivative Operations.
Ms. Schueneman attended Florida Southern College and has Series 7, 8 and 63 securities licenses. She is a member of the Financial Data Services Board and the International Operations Association. She is also a committee member of the Executive Board of Directors for ISITC/IOA.
About DTCC: The Depository Trust & Clearing Corporation (DTCC), with operating facilities in multiple locations in the U.S. and overseas, is a holding company for six subsidiary businesses - a depository and five clearing corporations - as well as the co-owner with Thomson Financial of a global joint venture called Omgeo. Through its subsidiaries, DTCC provides clearance, settlement and information services for equities, corporate debt, municipal debt, government securities and mortgage-backed securities in the U.S., and emerging markets debt trades globally. It is also a leading clearinghouse for mutual funds and insurance products, linking funds and carriers with distribution networks. In addition, DTCC provides custody and asset servicing for more than two million securities from the U.S. and 84 other countries. For more information on DTCC, see www.dtcc.com.
Thomson Financial is a US$2 billion provider of e-information and integrated work solutions to the worldwide financial community. Through the widest range of products and services in the industry, Thomson Financial helps clients in more than 70 countries make better decisions, be more productive and achieve superior results. Thomson Financial is part of The Thomson Corporation (TSE:TOC), a leading global e-information and solutions business with annual revenues of approximately US$6 billion. The Corporation's common shares are listed on the Toronto and London stock exchanges. For more information on Thomson Financial, visit www.thomsonfinancial.com.