John Grimaldi became the
latest in a long line of securities lending executives to join a technology
company when he resurfaced at RedBlack Software earlier this month.
The industry veteran, who can trace his securities
finance career back to the early 80s, ran the global securities finance
operations at SunGard (now FIS) up until early 2016.
He was named chief operating officer at New Hampshire-based RedBlack
earlier this month.
The firm focuses on
portfolio management, reporting, rebalancing and trading software for the buy-side.
“There’s a change of guard
occurring in the securities finance industry,” Grimaldi told Global
Investor/ISF shortly after his move to RedBlack was announced.
“Securities lending and
collateral management continues to move towards
new solutions, such as CCPs, and is seeing more exchange-like automation.
“That trend will continue, the regulatory environment will move the securities finance
business down that road.”
no stranger to technology having had a prominent role at Loanet before it was sold to
SunGard back in 2001.
He then led SunGard’s integration of Astec
Analytics in 2007 and sought and signed various strategic partnerships with
third party providers of technology assets.
At RedBlack, Grimaldi will
manage all aspects of day-to-day operations, including client support, sales,
product & financial management, operating policies and procedures.
The firm already works with
more than 100 single and multi-family offices, wealth advisors, brokers, trust
companies, RIAS, pension funds and foundations
representing more than $200bn in assets under management.
Looking ahead, Grimaldi
believes the opportunity for growth is significant.
“It’s surprising how many buy-side market participants continue to
manage models on spreadsheets,” he adds.
doesn’t allow RIAs, trust companies, pension funds or asset managers to scale
"RedBlack’s tools offer
cutting edge solutions to ease and automate pre-trade compliance, rebalancing
and trading, order management and post-trade compliance.”
Partnerships built up with
technology vendors, custodians and brokers have made the implementation of
RedBlack’s platform more efficient.
Grimaldi was familiar with
the business prior to joining given RedBlack’s certification with the SunGard
Global Network (SGN) allowing clients to connect to over 450 sell-side firms.
“Doing more with less has become the big mantra
across the finance industry,” he said.
“RedBlack is a dynamic, rapidly growing
organization driven by a commitment to deliver solutions customized to each
client’s unique workflow and portfolio management requirements.”
For now, Grimaldi has no
immediate plans to extend RedBlack’s reach into securities finance, but says he
is excited about the opportunity to use his operational expertise to help
expand the firm’s capabilities and broaden the technology to adjacent markets.