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Operations Newsflashes: Industry Veterans Invest in Legent Clearing, and more

Industry Veterans Invest in Legent Clearing; HypoVereinsbank Implements Misys' Midas Confirmation Matching

Three securities industry veterans -- Rick Duques, former chairman and chief executive officer of First Data Corp.; Jerry Callaghan, former managing director of Lehman Brothers; and Frank McPartland, founder of independent clearing firm Securities Settlement -- have invested in Legent Clearing as controlling shareholders, according to an announcement Tuesday. In addition to new capital, the investors each bring decades of securities and securities processing expertise to Legent, the release notes.

Duques now serves as chairman of Legent Group, the newly named corporate parent, while Callaghan and McPartland serve as chairman and CEO, and vice chairman, respectively, of Legent Clearing, and as directors of Legent Group.

Also making an investment are David Bailis, former executive vice president of First Data Corp., and Legent cofounders Jeff Sime and Bill Zelasko, who will retain their roles as president and chief operating officer, respectively. Former controlling shareholder Guy Gibson has resigned as CEO and remains an investor in and board member of Legent Group.

Legent was founded in 2001 to offer broker-dealers an independent clearing firm focused exclusively on the needs of correspondents.

"More than ever, the securities industry needs a clearing firm that is focused on customer service and independent of a parent broker-dealer that may compete with the correspondents it services," Duques said.

After evaluating a number of clearing firms, Duques cited Legent's independence, customer service, best-of-breed technology and operational excellence as reasons why the firm is "best positioned for success."

more: HypoVereinsbank Implements Misys' Midas Confirmation Matching

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