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TD CEO says Cowen team will have ‘meaningful and large’ role
Toronto-Dominion Bank CEO Bharat Masrani said the bank will soon announce a structure that gives managers at Cowen, the US brokerage it’s buying for $1.3 billion, “a meaningful and large” role in the lender’s capital-markets business. TD Securities CEO Riaz Ahmed will announce the management structure soon, Masrani said at a Bank of Nova Scotia financial-industry conference Wednesday. TD agreed in August to acquire Cowen to bulk up its presence in US capital markets. Masrani said that the brokerage’s strength in serving middle-market companies will mesh well with the commercial operations of First Horizon, the retail bank TD is buying for $13.4 billion. With both acquisitions, the quality of the companies’ management teams was part of what attracted TD to the deals, and retaining them will be key to helping the transactions succeed, Masrani said. TD said when it announced the deal that Cowen Chair and CEO Jeffrey Solomon would join the senior leadership of TD Securities, reporting to Ahmed, and parts of the combined business would be known as TD Cowen, to be headed by Solomon.
Man Group welcomes Rob Leach as global head of capital markets
Man Group appointed Rob Leach as Global Head of Capital Markets and portfolio manager, a new role for the firm. Rob will be based in London and focus on Man Group’s activity in capital markets offerings globally, with the aim of growing market share and client returns. With over 20 years of experience, he joins the firm from Jefferies where he was Head of EMEA Equity Capital Markets. His experience comprises roles at BlackRock, SAC Capital and UBS. Rob’s team is part of Man GLG. The team spans New York, London and Hong Kong, and new hires include portfolio manager Edward White (New York), senior analysts Radler Kelly (New York) and Charles Spencer, and analyst Marc Nemeti (London). Established Man GLG portfolio manager Andy Scott (Hong Kong) and analyst Dave Yin (Hong Kong) join Rob’s team.
TCW appoints Kathryn Koch as president and chief executive officer
TCW Group appointed Kathryn (Katie) Koch as President and Chief Executive Officer. Koch, 42, joins TCW after 20 years with Goldman Sachs in the Asset Management Division (AMD), where she was a Partner and most recently served as Chief Investment Officer of the $300 billion Public Equity business and as a member of the AMD executive committee. Previously, she was based in London for 10 years where she held several leadership roles including Head of the Multi-Asset Solutions business internationally. Koch will succeed current President and CEO David Lippman, who, as planned and previously reported, will retire from TCW at the end of 2022. Lippman joined TCW in 2009 with TCW’s acquisition of MetWest Asset Management and assumed the role of CEO in 2012. TCW anticipates Koch to assume the role in the coming months following an orderly transition and will be based in TCW’s Los Angeles headquarters.
Eric Heaton joins Rockefeller Capital Management as head of strategy
Rockefeller Capital Management announced that Eric Heaton has joined as Managing Director and Head of Strategy. He will be a member of the Management Committee, reporting to Gregory Fleming, President & CEO. He will advise Fleming on strategic growth plans, while focusing initially on three areas: working with Mike Brakey, Head of Strategic Client Solutions, on expanding Rockefeller Global Family Office product offerings across credit, banking, insurance, annuities, and retirement; accelerating growth in the newly expanded Strategic Advisory business under President Jim Ratigan; and partnering with Laura Esposito, newly named Head of Enterprise Coverage, in developing key enterprise-wide client relationships. Before joining Rockefeller, Heaton served for 10 years as President of U.S. Banks at Morgan Stanley, where he led banking and lending products for both the wealth management and institutional securities divisions. Prior to Morgan Stanley, Heaton was Head of the America’s Financial Institutions Group at Deutsche Bank. Heaton began his career in 1989 at Merrill Lynch, where over two decades he held a series of senior leadership roles, including Global Treasurer, Head of Global Strategy and Business Development, and Co-Head of the America’s Financial Institutions Group.
Pantera Capital’s exodus broader than previously reported
Senior executive departures from Pantera Capital, a major cryptocurrency hedge fund and venture capital investor with $4.7 billion in assets, are wider than previously reported, according to people familiar with the matter. Chief Technical Officer Terence Schofield is leaving after joining the company early this year. Also exiting is John Jonson, head of the capital formation team. Last week, CoinDesk broke the news that COO Samir Shah, a 12-year JPMorgan Chase veteran, abruptly left Pantera after barely two months on the job. Legal counsel Joe Cisewski left to become chief of staff for a commissioner at the Commodity Futures Trading Commission, and Brian Flaherty, a finance manager, left in May after just over a year at Pantera.
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