Post-trade market infrastructure technology provider, Pirum Systems, has named a new chief executive after Rajen Sheth decided to step down after almost six years in the role.
Taking over will be Phil Morgan, current chief operations officer and head of sales. Morgan joined Pirum in 2016 as chief commercial officer and has worked closely alongside Sheth since then.
Morgan will take on the new role on 10 August.
“After 17 years at Pirum, I have decided now is time to hand over the reins,” said Sheth. “I know Phil to be a talented, creative and well-respected individual who will provide great leadership and direction to support our clients and the industry. I look forward to working with Phil and the team and remain very excited about the company’s future.”
The change comes as the industry moves into a sea of new incoming regulation in the form of the Central Securities and Depositories Regulation (CSDR) Settlement Discipline Regime (SDR) and the Securities Financing Transactions Regulation (SFTR). Pirum provides services around both, though much of the work to prepare clients for these regulations would have been completed in the build-up over the last couple of years.
Pirum announced four new hires last November, bolstering its team with experts from top tier banks in the run-up to the major new regulations. Two of the hires come from JP Morgan, while the others join from Citi and Saxo Bank, with the latter having held roles at Deutsche Bank and Nomura in the past.
“I am very excited to accept this opportunity and takeover the leadership of Pirum as we deliver the next phase of growth,” said Morgan. “It has been a pleasure supporting Raj throughout my time at Pirum and, given his mentorship through this period, the time is now right to make this transition. These are challenging times for the industry, and I am very confident we will continue to evolve and grow as a business and offer best in class solutions for our clients.”