U.S. Clearing, a division of Fleet Securities, Inc., and one of the nation's largest clearing and execution firms, announced that it began clearing for Capitol Securities Management ("CSM") in late October. Capitol Securities Management is a full-service, retail broker/dealer headquartered in McLean, Va., with a regional office in Boston, Mass. CSM will be utilizing the Fundquest platform to integrate with its managed-money groups. Additionally, CSM is expected to bring over $400 million in mutual-fund assets that today are held directly at the fund companies.
Financial Technologies International (FTI), a provider of financial-enterprise software (FES) to the global banking and securities industry, announced the availability of the newest version of the core products that comprise StreetEnterprise, its securities-processing solution. With specific functionality enhancements and the introduction of additional features across all product areas, the vendor plans for customers to benefit from improved product performance, availability, recovery and scalability to support increasing volumes.
JPMorgan Investor Services announced that it was awarded the insurance-custody mandate from Quanta Capital Holdings Ltd. totaling $400 million in assets. Quanta is a newly funded Bermuda-based company that provides specialty insurance, reinsurance, risk-assessment and risk-consulting products and services. JPMorgan Investor Services will provide custody, while JPMorgan Fleming Asset Management will provide short-term funds for end-of-day cash sweeps.
Following the endorsement last month by its stockholders in a 50-34 vote, The Clearing Corporation ("CCorp") implemented its corporate and capital realignment. The new corporate structure allows non-stockholder participants to clear trades through CCorp, without owning stock; provides for stockholders to buy and sell shares without previous restrictions related to firm trading activity, and treats each share equally in voting on corporate issues. Ccorp held its first election for the new Board of Directors under its new corporate structure. Current stockholders elected the following nine directors to the board on a one-share, one-vote basis:
Elected to terms expiring in 2005 are:
- Gerald F. Corcoran
- Dennis A. Dutterer
Elected to terms expiring in 2006 are:
- Kevin G. Collins
- Wendell A. Kapustiak
- Alex H. Ladouceur
Elected to terms expiring in 2007 are:
- Michael C. Dawley
- James G. McCormick
- Joseph J. Murphy
Elected to a one year-term as a Class E director:
- Rudolf Ferscha