Edward Hazel of Goldman Sachs, Richard Taggart of State Street’s Investment Management Services (IMS) and Susan Cosgrove of The Depository Trust & Clearing Corp. (DTCC) have joined the board of managers of Omgeo, which is jointly owned by Thomson Reuters and DTCC.
Omgeo's board helps maintain the industry oversight and governance of the firm. Its members are responsible for representing the interests of all Omgeo's clients about decisions on strategy, governance and operations, according to Omgeo.
Hazel is the global co-head of Securities Operations for Goldman Sachs and he is a member of the firm's Operations Operating Committee and Operations Risk Committee. Since joining Goldman Sachs in 1979, Hazel has held a number of roles in the Operations Division and was named managing director in 2001. He is also a member of the Board of Advisors of Rutgers Business School.
Taggart is a senior vice president at State Street Global Services. He joined State Street in March 2012 to head the Investment Manager Services business in North America, where he is responsible for business management and client service for investment manager clients using State Street’s middle-office services. Taggart has held previous leadership roles at Alliance Bernstein, Morgan Stanley and JPMorgan Chase, and he previously served on the board of DTCC.
Finally, Cosgrove is the managing director and general manager of Settlement and Asset Services at DTCC, responsible for all depository businesses including settlement, underwriting, custody, securities processing, corporate action processing and tax and issuer services. She is a member of DTCC’s Operating Committee, Management Risk Committee and the Strategy & Planning Council. Ms. Cosgrove has held previous roles at Lehman Brothers, Maxcor Financial Group and PricewaterhouseCoopers.
In addition to the newly added members, John Devine, formerly of Threadneedle Asset Management, Peter Johnston of Goldman Sachs, and Donald Donahue, formerly of DTCC, have stepped down as Board members.
"Omgeo would like to welcome Ed, Dick and Susan to our board of managers," said Marianne Brown, president & CEO of Omgeo, in a press release. "Omgeo looks to the industry leaders on our board to provide the external perspective we need to anticipate the needs of our clients and drive our success. Our newest board members bring a wealth of operational experience and achievements within their firms, and will be excellent additions. We would also like to thank John Devine, Peter Johnston and Don Donahue for many years of leadership and their significant contributions."
"I am pleased to be part of Omgeo's board of managers," said Hazel in a statement. "It is an honor to be a member of such an impressive group."
Taggart added, "I look forward to my new role on the Omgeo Board and to representing the views of the global Omgeo community as strategic decisions are made. With board guidance, we look to ensure that Omgeo continues to deliver value to its community in tandem with industry needs and clients’ evolving operational models."
Lastly, Cosgrove said in a statement, "It is an honor to represent one of Omgeo's parent companies, DTCC, and its clients on the Board. I look forward to contributing a unique perspective from the market infrastructure's point of view, given the increasingly important role clearing and settlement continues to play globally in systemic risk mitigation, market transparency and operational efficiency."
Omgeo’s global Board of Managers is currently made up of 11 representative members of the financial industry who play a vital part in the ongoing governance and industry oversight of the organization, according to Omgeo. Throughout the years, Omgeo has looked to its board of managers to help guide its strategic business decisions. This governance has ensured that Omgeo has been responsive and innovative, and delivered value on investment throughout its history. Greg MacSweeney is editorial director of InformationWeek Financial Services, whose brands include Wall Street & Technology, Bank Systems & Technology, Advanced Trading, and Insurance & Technology. View Full Bio