Markit and Genpact's KYC Joint Venture Appoints CEO

Markit | Genpact KYC Services, the joint venture utility from Markit and Genpact for Know Your Customer (KYC) compliance, have registered over 600 buy-side firms and corporations to use the utility, and the joint venture has also appointed Jon May as CEO.

May will join Markit | Genpact KYC Services in January 2015 and will be based in London. He will be coming from Goldman Sachs, where he was a managing director and global head of client onboarding as well as head of Securities Operations and Operations Data Quality Management in India.

As for the firms that have signed up since the utility’s launch about six months ago, those 600+ firms represent over 16,000 funds and entities, including asset managers such as BlueBay Asset Management, GoldenTree Asset Management and Pictet Asset Management.

“Centralizing the management of KYC information makes it faster and easier for us to do business with banks and vice versa,” says Spencer Woodward, co-head of operations at BlueBay Asset Management. “With the documentation stored centrally, the banks we trade with have access to the complete customer profile they need so we can trade efficiently.