Ric Duques, former chairman and CEO of First Data Corp., Jerry Callaghan, former managing director of Lehman Brothers Inc., and Frank McPartland, founder of independent clearing firm Securities Settlement, have invested in Legent Clearing as controlling shareholders.
With the investment, 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.
Joining them in the investment are David Bailis, former executive vice president of First Data Corp., and Legent co-founders Jeff Sime and Bill Zelasko, who will retain their roles as president and COO, respectively. Former controlling shareholder Guy Gibson has resigned as CEO and remains an investor and board member of Legent Group.
Legent was founded in 2001 to offer broker/dealers an independent clearing firm focused on the needs of correspondents.