Sheffield Haworth Review of the US Corporate Officers Industry Q2 2020 - Presented By
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Sheffield Haworth
Review of the US Corporate Officers Industry
Q2 2020
Presented By:
Sonjay Vishnupad, Managing Director
Adel Alizadeh, Associate
sheffieldhaworth.com sheffieldhaworth.com 1 1
Contents Page
▪ Operations 3-4
▪ Risk & Compliance 5-7
▪ Accounting & Finance 8-9
▪ Legal & General Counsel 10 - 11
▪ Human Resources 12 - 13
▪ Profiles 14 - 15
▪ Contact Details 16
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2020 | Q2 – Operations Trends
Going into 2020 the entire world was hit with an unprecedented pandemic that will undoubtedly change the way businesses interact in every
industry. As this situation is still unfolding, companies are doing their best to adapt to a new, post-COVID, world.
Bank COO’s Flee to New Opportunities
Q2 saw Banks take a big hit in their senior operational headcount. Whilst asset managers were the major driver behind hiring, firms like JP
Morgan and HSBC saw individuals move to smaller funds or even start-ups. During these ongoing times of uncertainty, candidates have
expressed an interest in finding “out-of-box” opportunities or joining organisations with greater flexibility around working from home.
Visa Ban Troubles US Investment Manager’s Hiring Plans
President Trump’s new restrictions on employment-based visas are causing headaches for a large number of hedge fund managers. The
impact appears significant for several firms, including; Citadel, Millennium Management, Point72 Asset Management and Two Sigma.
Together, those firms received initial government approvals during the fiscal year ended Sept. 30 to add 159 employees to their U.S.
workforces via H-1B visas.
Middle and Back Office Headcounts Benefit from Front Office Success During Pandemic
Whilst overall hiring is down from last year within accounting and finance, high-frequency trading firms have committed to new headcount
to handle recent returns in portfolios. As investors begin to ask new and more complicated questions, firms will look for candidates with
ideas and experience of updating or creating protocols for uncertain times.
Outlook for the Rest of 2020
If Q1 and Q2 are any indicator, hiring activity will continue to be sporadic and focused on the industries experiencing growt h during the
pandemic. The technology and industrials sectors have led the charge in hiring, while most investment banks have seen departures in
middle and back office positions.
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2020 | Key People Moves: Operations
Below are some examples of senior people moves in Q2 of 2020 in Risk & Compliance.
INDIVIDUAL JOINED FIRM DEPARTED FROM
M ay Yee Y eong Blue Leaf Ventures JP M organ
2020 Chief Operating Officer Executive Director
Joanne Brower Barclays Barclays
2020 Director of Operations Market Shared Operations
M iles Kitchin Long Light Capital D.E. Shaw Group
2020 Chief Operating Officer Vice President & Counsel
Angela McNab C itadel BlueMountain Capital
2020 Deputy Chief Operating Officer, Treasury Chief Operating Officer, Systematic Strategies
M ichelle Dea Eagle Health Investments Bank of America
2020 Partner, Chief Operating Officer Director, Prime Brokerage
Gerard M iller Ricker Lyman Robotic M illennium
2020 Chief Operating Officer Equities Management
Sem i Gogliormella C aaS Capital Management W orldQuant LLC
2020 Chief Operating Officer Deputy Chief Operating Officer
Andrew Polland Dyal Capital Hoplite Capital Management
2020 Chief Operating Officer and Managing Director Chief Operating Officer, General Counsel & CCO
Brenda Sklar Legal & General Investment Management BlackRock
2020 Global Chief Operating Officer COO, Business Operations
Jim Vaca M UF G Securities Altisource
2020 Managing Director, Bank Operations & Control Officer Senior Vice President
Joe Joyce M UF G Securities M UF G Securities
2020 Managing Director, Head of Operations Head of US Operations
Vaibhav Bhanot Bank of Montreal Deutsche Bank
2020 Managing Director, Chief Information & Operations Officer Global Head of Data Strategy
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Q2 Hiring Trends – Risk & Compliance
Risk and Compliance have been very active markets for hiring in Q2 2020, with both funds and banks investing significant capital into
ensuring that they have the best teams in place for what will likely be an eventful second half of the year.
Greener Pastures
Compliance was a very active area for hiring in Q2, with many professionals using this quieter period to assess their positions and the way
that their organizations have reacted to the current environment. The sell-side to buy-side trend has continued to be prevalent.
Firms like JP Morgan, ExodusPoint and BNY Mellon all lost senior compliance and/or risk employees.
Risk Officers Not Risking It
During arguably one of the most challenging periods in market history, it is not surprising that the senior risk professionals have been so
occupied with their jobs, that they have not taken the time to interview for external opportunities. The major moves that we saw in Q2 were
driven by banks adding headcount, rather than firms replacing leavers, i.e. Standard Chartered; however, Q2 did see several senior moves
within both risk and compliance for several large, institutional banks such as Citi, HSBC and JP Morgan.
Remote [Un]Controlled
Working from home has continued to challenge both the risk and compliance teams throughout financial services, especially within
electronic trading. While special circumstances have been made for traders, the change in oversight and regulation supervision has caused
major headaches for senior compliance and risk officers, causing a desire for some individuals to move to non-trading institutions.
Privacy
As the economy slowly begins to regain its strength after the pandemic, a developing issue has begun to fluster compliance teams: privacy.
In an age when everyone wants to know intimate details of coworkers’ health, compliance officers will have to be diligent in keeping
extremely detailed records of all employees, especially those that begin to come into the office, while maintaining an ultimate level of
privacy for each individual.
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2020 | Key People Moves: Risk
Below are some examples of senior people moves in Q2 of 2020 in Risk
INDIVIDUAL JOINED FIRM DEPARTED FROM
M ark Green Standard Chartered JP M organ
2020 Global Head of Model Risk in London Model Risk Governance & Review
M anoj Bhaskar Standard Chartered Standard Chartered
2020 Head of Risk Analytics Head of Market Risk
John Mulligan HSBC HSBC
2020 Chief Model Risk Officer Global Head of Traded Risk and Model Risk Internal Audit-
head of CCAR Audit team
N ick Fries TBC C iti
2020 MD, Global Head of Market Risk
Gavin Estcourt C iti N om ura
2020 Group and Global Head of Market Risk EMEA CRO and Global Head of Market Risk
Kathleen Goldreich TBC C iti
2020 MD, in Market Risk
Jason Forrester Standard Chartered C redit Suisse
2020 CRO excl. HK and China, ROW MD, Head of Enterprise, Operational & Liquidity Risk
Management
Jason Davey HSBC HSBC
2020 Head of Operational Risk, Resiliency Risk and NRF Head of Operational Risk and NFR Optimisation
Optimisation
Jam es Elder HSBC HSBC
2020 Global Head of Risk Strategy Finance and Risk Audit
Brian Goldman C iti Goldman Sachs
2020 Global Head of Operational Risk, ICG Chief Operational Risk Officer
C hristine D’Agostino KKR Goldman Sachs
2020 Global Head of Operational Risk MD, Operational Risk and Insurance
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2020 | Key People Moves: Compliance
Below are some examples of senior people moves in Q2 of 2020 in Compliance.
INDIVIDUAL JOINED FIRM DEPARTED FROM
M ike W asserman M altese Capital M anagement Prince Street Capital Management
2020 General Counsel & Chief Compliance Officer Chief Legal Officer & Compliance Officer
Em m a Rodriguez-Ayala Legal General & Investment Management F aegre Drinker
2020 General Counsel & Chief Compliance Officer Partner – Investment Management
George Smirnoff Barclays F inancial Services Sector Coordinating Council
2020 MD, Global Head of Cyber, Tech, Info Security Risk Chief Information Security Officer
Julie Deisler Diamond Hill Capital Management School Employees Retirement System (SERS)
2020 Director of Compliance Enterprise Risk Management Officer
Joel Karansky HRS M anagement Endeavor
2020 General Counsel & Compliance Senior Vice President, Deputy General Counsel
Alexandra Acosta RTW Investments Greentech Capital Advisors
2020 Director of Compliance Vice President, Legal & Compliance
Greg Barner Am erican Century Investments SS& C Technologies
2020 Director of Operational Compliance Director of Regulatory Compliance
N atasha Kassian Athanor Capital RA C apital Management
2020 General Counsel & Chief Compliance Officer General Counsel & Chief Compliance Officer
Peter Bachmore RBC Capital Markets BN Y Mellon
2020 US Head of Corporate & Investment Banking, Compliance Managing Director, Central Compliance
M ichael Neus Securities Exchange Commission Ex odusPoint Capital
2020 General Counsel & Compliance General Counsel & Compliance
Sterling Daines C redit Suisse Libra
2 0 20 Global Head of Financial Crime Compliance Chief Compliance Officer
M ary McNiff C itibank C itigroup
2020 CEO of N.A Chief Compliance Officer
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Managing Post Coronavirus – Accounting & Finance
Even through this pandemic, there has been a great deal of hiring activity within Accounting and Finance, in all industries, specifically
within all areas of fund performance and analytics. In these recent months of market volatility, performance teams have been more active
than ever.
Continued Hiring
Q2 saw significant turnover amongst Chief Financial Officers, especially within asset management. JP Morgan and Three Bridges Capital
hired CFOs externally, while Morgan Stanley and HSBC saw significant departures within accounting and finance.
High Frequency = Hiring Frequently
Due to massive returns for several high frequency trading firms, a rise in demand for portfolio accounting has erupted in Q2. Firms like
Citadel, Virtu, DE Shaw, Jump Trading and others, have seen large gains and have committed to more headcount within accounting and
finance. According to Linked-in both DE Shaw has recently hired 22 new individuals, while Two Sigma has more than 70 openings, more
than 50 of those being in New York City.
Financial Reporting: COVID-19
It is no surprise that the current pandemic is creating new and unprecedented challenges in accounting and reporting, across all
industries. As the spread of the pandemic increases, organizations are experiencing conditions often associated with a general economic
downturn, most evident with current volatility in the financial markets and the erosion of market value. This has resulted in some firms
needing additional performance related functions in the coming months and moving into the future.
COVID-19 Affects on Hiring
While hiring activity has picked up some towards the end of Q2, overall hiring is down roughly 30% from 2019. This is not a complete
shock, as accounting and finance tend to be more cautious in exploring opportunities during times of uncertainty.
sheffieldhaworth.com sheffieldhaworth.com 8 82020 | Key People Moves: Accounting & Finance
Below are some examples of senior people moves in 2020 in Accounting & Finance.
INDIVIDUAL JOINED FIRM DEPARTED FROM
Josh Mintz DW S Group PennantPark Investment Advisers
March 2020 Chief Financial Officer Fund Controller – Finance and Operations
David Katz Three Bridges Capital Interval Partners
March 2020 Chief Financial Officer Chief Financial Officer
Teri Gendron Jefferies Group Jefferies Group
March 2020 Interim Chief Financial Officer and Chief Accounting Officer Chief Accounting Officer
Irina Mirkin JPM organ Chase Highbridge Capital Management
March 2020 Chief Financial Officer, Private Investments Chief Administration and Accounting Officer
M ark Faulkenberg Boomtown Accelerators Agile Fund Solutions
March 2020 Managing Director & Chief Operating Officer Chief Financial Officer
Jeff Hilton C ommunity Investment Management Opportunity Fund
March 2020 Managing Director, Finance & Investments Senior Vice President
Robert Giegerich RBC Capital Markets M organ Stanley Derivative Products
April 2020 Managing Director, CFO Chief Financial Officer
Thabiso Zwane Edelman F inancial Paysafe Group
April 2020 Head of Corporate Accounting Principal Consultant
Raul Valdes M assMutual HSBC
May 2020 Head of Corporate Units, Strategic Finance Head of Latin American Finance
Heather Flanagan Rockefeller Capital Management HSBC
June 2020 MD, Head of Trust Fiduciary and Client Accounting Head of Private Wealth Solutions
Greg Zorella M assMutual M F S Investments
June 2020 Head of Enterprise Technology Strategic Finance Director of FP&A
sheffieldhaworth.com sheffieldhaworth.com 9 9Managing Post Coronavirus – Legal
The legal world, post-Covid, will see massive transformations in all areas. Digital conferences, meetings and even courtrooms will be the
business norm. Though, in recent months, a large majority of law firms have enabled freezes on current and future hiring. In the coming
months, firms will be forced to make a choice: Hire more employees to offset rising workloads for current employees, or, commit to hiring during
a time of unknown stability.
Continued Hiring
Q2 saw several investment managers add and lose General Counsels as the hiring market regained momentum since the COVID-19
outbreak. Crayhill Capital and LGIM US both added new General Counsel, while AQR and Two Sigma lost senior legal professionals.
Buy-side Legal Teams See Robust Surge in Business Service Requests
Hedge fund lawyers in the era of Covid-19 are seeing a surge in business, with some managers launching new strategies and others
seeking advice on rescue financing.
Cashing-In on Class Action
Fund administrator HedgeServ is teaming up with litigation-recovery specialist Battea Class Action Services to guide hedge fund operators
and other investors through the process of collecting awards from class-action lawsuits. The services include damage analysis and filing
assistance for cases involving securities, derivatives and currencies.
Banks in Trouble?
Q2 has seen an increase in moves by general counsels specifically within banking, As the pandemic situation continues, firms have been
putting pressure on senior counsel employees to quickly revamp protocols and paying the price in headcount. Going into Q3, the market
will see an increase in all areas of the legal industry, but firms will look to those individuals that will thrive in the new digital, legal world.
sheffieldhaworth.com sheffieldhaworth.com 10102020 | Key People Moves: Legal
Below are some examples of senior General Counsel people moves within Asset Management.
INDIVIDUAL JOINED FIRM DEPARTED FROM
Vik ram Mehta C rayhill Capital Management Darby Overseas Investments
2020 General Counsel Senior Counsel
C hristina DeLay Santander Bank JP M organ
2020 SVP, Deputy General Counsel Vice President and Asst. General Counsel
Ellen Patterson W ells Fargo TD Bank
2020 General Counsel Group Head, General Counsel
M ike W asserman M altese Capital M anagement Prince Street Capital Management
2020 General Counsel & Chief Compliance Officer Chief Legal Officer & Compliance Officer
Lori Mahmoud M UF G BB& T
2020 Director, Assistant General Counsel SVP, Associate GC & Head of Legal for FinTech
Brenda Yurick N orthwest Bank N orthwest Bank
2020 Senior Legal Counsel and Corporate Vice President Transactional Counsel
Kathleen Salvaty M organ Stanley AQR C apital Management
2020 Executive Director, Legal Senior Counsel – Litigation and Legal Risk Mgmt.
Daniel Tseng C ircleUp Tw o Sigma
2020 General Counsel Divisional General Counsel
Javier Rocha W ilks Brothers USAA
2020 General Counsel Chief Legal Officer
N atasha Kassian Athanor Capital RA C apital Management
2020 General Counsel & Chief Compliance Officer General Counsel & Chief Compliance Officer
M ichael Lipsitz W ells Fargo Santander Bank
2020 Chief Policy Advisory Chief Legal Officer & SVP
M ark Covey PineBridge Investments C redit Suisse
2020 Assistant General Counsel & Vice President Director & Counsel
sheffieldhaworth.com sheffieldhaworth.com 11 112020 | Q2 – Human Resources Trends
The HR role is a fast growing function in the funds industry, with significant hiring have taken place in recent years, as firms re-define the
scope of the role.
Hiring Update
Q1 & Q2 have shown to be relatively active within human resources, specifically in asset management, as several large funds have
brought in new CHROs. The pandemic has highlighted more than anything, how valuable a high quality CHRO can be to an organization
and those that have not historically had the function, have been burnt.
Managers are increasingly looking outside of investment management when making these hires. In the last year, c.20% of senior human
resources hires within asset management have come from out of industry.
Growth of the CHRO
Managers are looking for CHROs that can sit at the ‘top table’ within their organization, where they can help to guide corporate strategy. In
light of this we are increasingly seeing CHROs sitting on Executive Committees and in select instances, reporting directly into the CEO of
the business.
We are seeing this trend emerge principally in the North-East and the West Coast, with many managers in the Central Territory continuing
to view the HR role in the traditional sense.
Lateral Hiring
As managers look to upgrade their HR capabilities and empower the role with more strategic responsibilities, we are seeing more HR
directors coming from outside of the function.
Common backgrounds when we have seen this take place include corporate strategy, compliance and operations. This is a relatively
recent trend and a consequence it is arguably too early to tell whether these moves will be successful.
sheffieldhaworth.com sheffieldhaworth.com 12 122020 | Key People Moves: Human Resources
Below are some examples of senior people moves in 2020 in Human Resources.
INDIVIDUAL MOVING TO MOVING FROM
Lisa McCormick Allianz Global Investors N F J Investment Group
January 2020 Vice President, HR Business Partner Assistant Vice President, Human Resources
Pam ela Haddad Partners Capital Deloitte Consulting
February 2020 Head of Human Resources, North America Human Capital
Ashley Morano C astlelake Prelude Capital
February 2020 Head of Human Resources, US Human Resources Manager
Erin G. Yarnall Harris Associates C ars.com
February 2020 Chief Human Resources Officer Senior Director, People Development
M arci Trevino Payden & Rygel Tilly’s Life Center
March 2020 Vice President of Human Resources Vice President, Human Resources and Operations
Benedicte Foix N atixis Barclays
March 2020 Managing Director, Head of Human Resources Head of Human Resources, Global Markets
Lindsey F irempong Prelude Capital Third Bridge Group
April 2020 Human Resources Manager Global Head of Total Rewards
Ashley Berg 4 0 0 Capital Management DW Partners
April 2020 Director, Head of Human Resources Head of Human Resources
C hris Lue C IBC Capital Markets Schroders
May 2020 Managing Director, Human Resources Head of Human Resources, North America
Garret Lee Janus Henderson Great-West Financial
May 2020 Head of Human Resources, Systems Senior Manager, Human Resources
Kim berly Carter W ealthspire Advisors NFP
May 2020 Director, Human Resources Director, Human Resources
C indry Drexel Ex odusPoint Capital AQR C apital Management
June 2020 Head of Human Resources Global Head of Human Resources Operations
sheffieldhaworth.com sheffieldhaworth.com 13 13Sheffield Haworth
Our Team
sheffieldhaworth.com sheffieldhaworth.com 14 14Profiles
Corporate Officers
Sonjay Vishnupad | Managing Director | Corporate Officers | New York
Sonjay joined Sheffield Haworth in 2019 as a Managing Director in the Corporate Officers practice in New York. The Corporate Officers
practice is responsible for supporting a range of clients including investment banks, asset managers, sovereign wealth funds, hedge funds
and custodians in their talent needs across risk management, compliance, legal, operations and finance functions in the USA and
Canada. Prior to Sheffield Haworth, Sonjay spent almost 20 years working for a global financial recruitment firm where, as a Managing
Director, he ran risk management and quantitative recruiting across North America and Canada. Prior to this, Sonjay worked as an Analyst
at UBS and Ernst & Young within the Real Estate division. He holds a BS degree in Finance from New York University.
Adel Alizadeh | Associate | Corporate Officers | New York
Adel Joined Sheffield Haworth in May 2018 as an Associate supporting the Global Markets team, working in Equities Sales and Trading,
Research and Structuring. He has recently transitioned into the Corporate Officers team bringing with him his expertise in Global Markets.
Prior to joining Sheffield Haworth, he worked at Odgers and Berndtson as a Research Associate supporting the Financial Services practice.
Before that, he was a Research Associate and Database Manager at Choi and Burns, where he focused on Investment Banking. He began
his career at Shaw Group, working as a project manager and county supervisor during the BP oil spill recovery response. Adel graduated
from Louisiana State University with a Bachelor of Arts in English.
sheffieldhaworth.com sheffieldhaworth.com 15 15Contact Us
Sheffield Haworth Inc.
Sonjay Vishnupad e: s.vishnupad@sheffieldhaworth.com
777 3rd Avenue
Managing Director t: +1 646 597 7425
36th Floor
New York, NY 10017 m: +1 646 823 5264
Adel Alizadeh e: a.alizadeh@sheffieldhaworth.com
t : +1 (212) 593 7119
Associate t: +1 646 597 7417
m: +1 917 574 8293
americas@sheffieldhaworth.com
www.sheffieldhaworth.com
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