Chicago-based hedge fund Citadel lost a managing director to its data services vendor. David Hirschfeld, formerly Citadel Investment Group's managing director of enterprise data services, recently joined Asset Control, a New York-based data management solutions provider, as senior vice president of operations. "I've been doing data infrastructure for the last ten years and I really wanted to get back on the business side of the equation," Hirschfeld says.
Hirschfeld's relationship with Asset Control began in June 2004 when Citadel selected the vendor's AC Plus software to centralize management of its securities data. "After an extensive pilot, we selected Asset Control, and I was responsible for installing it in the company," he explains. (Citadel continues to be an Asset Control client.)
Prior to joining Citadel, Hirschfeld's wide-ranging financial industry career included working as president and chief technology officer of the enterprise data standards initiative at Merrill Lynch, principal of the market data group at Morgan Stanley Dean Witter, chief executive officer of Tudor Software and director of Iverson Financial Systems (prior to its acquisition by Capco. "Having been on the buy- and sell-side, I have a really good idea of what [Asset Control's] clients look like," he says. "I bring a perspective that perhaps others are not as rich in."
In his new role, Hirschfeld will be responsible for supporting a number of strategic initiatives, including Asset Control's turnkey solutions program, the Asset Control Solutions Center environment for product demonstrations and development, and outsourced services in partnership with Accenture. "Citadel was one of the few firms that actually understood that value proposition from data, not as a cost center, but as a revenue generator ... and, at Asset Control, I'd like to expand that [proposition] to a lot of other firms out there," he says.