MUFG gains tech lead to spearhead SBL overhaul
17 June 2020 New York
Image: Peshkova/Shutterstock.com
MUFG Investor Services has gained the services of Steven Cassidy who left Deutsche Bank in November 2019 and has now resurfaced to take on the role of lead technologist in the Americas for the Japanese bank’s new Global Securities Lending Solutions team.
SLT understands that Cassidy, who is based in New York, will be part of a broader Mitsubishi UFJ Trust and Banking Corporation's technology group but will be dedicated to the new business run by Tim Smollen and he will work alongside the current global head of technology for the business, Bronwen Simms.
The hire comes alongside the news that MUFG has signed up to use EquiLend Spire as the technology foundation of its new-and-improved securities lending business that Smollen was brought on to overhaul.
EquiLend Spire, which is the joint front, middle and back-office securities lending solution offered by EquiLend and Stonewain Systems, will act as the core platform for the banking group’s global securities lending system.
Smollen and Simms both joined MUFG in January as part of a cohort of more than half a dozen Deutsche Bank senior executives that left to answer the call put out by MUFG for a team to overhaul its global securities lending infrastructure.
Other former-Deutsche Bank alumni now at MUFG include Jay Schreyer, former head of agency lending for Europe, the Middle East and Africa, and Asia Pacific, and Anthony Toscano, former co-head of agency lending for North America.
Smollen, Schreyer and Toscano have maintained a professional partnership on-and-off for more than a decade, having first joined forces to develop Dresdner Bank’s securities lending business in the early 2000s, before it was acquired by Commerzbank in 2009 for €9.8 billion.
They later joined forces again at Deutsche Bank in 2009 to develop its agency lending business following the financial crisis, where the bank suffered worst than most.
Meanwhile, Cassidy has been working with this team since 1997 when he first joined Deutsche Bank’s London office as a senior developer and project manager while Smollen was head of marketing and sales for the bank’s securities lending business in Europe, the Middle East and Africa.
Cassidy rejoined the team in 2002 at Dresdner Bank for more than six years and then again worked alongside the team at Deutsche Bank in 2016 for three years.
He also spent time working at Citibank in securities lending.
SLT understands that Cassidy, who is based in New York, will be part of a broader Mitsubishi UFJ Trust and Banking Corporation's technology group but will be dedicated to the new business run by Tim Smollen and he will work alongside the current global head of technology for the business, Bronwen Simms.
The hire comes alongside the news that MUFG has signed up to use EquiLend Spire as the technology foundation of its new-and-improved securities lending business that Smollen was brought on to overhaul.
EquiLend Spire, which is the joint front, middle and back-office securities lending solution offered by EquiLend and Stonewain Systems, will act as the core platform for the banking group’s global securities lending system.
Smollen and Simms both joined MUFG in January as part of a cohort of more than half a dozen Deutsche Bank senior executives that left to answer the call put out by MUFG for a team to overhaul its global securities lending infrastructure.
Other former-Deutsche Bank alumni now at MUFG include Jay Schreyer, former head of agency lending for Europe, the Middle East and Africa, and Asia Pacific, and Anthony Toscano, former co-head of agency lending for North America.
Smollen, Schreyer and Toscano have maintained a professional partnership on-and-off for more than a decade, having first joined forces to develop Dresdner Bank’s securities lending business in the early 2000s, before it was acquired by Commerzbank in 2009 for €9.8 billion.
They later joined forces again at Deutsche Bank in 2009 to develop its agency lending business following the financial crisis, where the bank suffered worst than most.
Meanwhile, Cassidy has been working with this team since 1997 when he first joined Deutsche Bank’s London office as a senior developer and project manager while Smollen was head of marketing and sales for the bank’s securities lending business in Europe, the Middle East and Africa.
Cassidy rejoined the team in 2002 at Dresdner Bank for more than six years and then again worked alongside the team at Deutsche Bank in 2016 for three years.
He also spent time working at Citibank in securities lending.
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