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
Sheffield Haworth
Review of the US Corporate Officers Industry
Q2 2020

Presented By:
Sonjay Vishnupad, Managing Director
Adel Alizadeh, Associate

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Sheffield Haworth Review of the US Corporate Officers Industry Q2 2020 - Presented By
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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Sheffield Haworth Review of the US Corporate Officers Industry Q2 2020 - Presented By
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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Sheffield Haworth Review of the US Corporate Officers Industry Q2 2020 - Presented By
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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Sheffield Haworth Review of the US Corporate Officers Industry Q2 2020 - Presented By
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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Sheffield Haworth Review of the US Corporate Officers Industry Q2 2020 - Presented By
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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Sheffield Haworth Review of the US Corporate Officers Industry Q2 2020 - Presented By
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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Sheffield Haworth Review of the US Corporate Officers Industry Q2 2020 - Presented By
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.

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2020 | 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

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Managing 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.

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2020 | 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

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2020 | 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.

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2020 | 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

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Sheffield Haworth
Our Team

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Profiles
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.

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Contact 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

     LinkedIn

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