In other news, Randal Quarles moves on, Exegy and Vela have related executive shifts, and Encompass makes a key hire.
Genstar will be the majority owner of the combined company
Governance, risk and compliance (GRC) solution providers ACA Group and Foreside Financial Group have signed a definitive agreement to combine their two companies, according to officials.
Private equity firm Genstar Capital, which invested in Foreside earlier this year, will become the majority owner of the combined business through the purchase of a controlling stake in ACA from Starr Investment Holdings, officials said. These conditions will be finalized upon closing of the transaction, which is expected in the first half of 2022.
The merger will result in a suite of GRC consulting, technology, managed services, analytics and outsourcing solutions, officials said. The upcoming combined company will have more than 1,100 employees and 16 offices around the world and will serve more than 5,000 customers.
Shvetank Shah, CEO of ACA Group, will become CEO of the new company upon completion of the transaction, officials said. The transaction is subject to customary regulatory approvals and closing conditions, and officials have declined to disclose the terms of the transaction.
Jefferies LLC served as exclusive financial advisor to ACA while Raymond James & Associates served as financial advisor to Genstar and Foreside, officials said. Kirkland & Ellis LLP served as legal counsel to the ACA. Willkie Farr & Gallagher LLP served as legal counsel to Genstar and Foreside.
Randal Quarles to leave the Fed
Randal K. Quarles tendered his resignation on Monday as a member of the Federal Reserve Board, with effect from the end of December 2021. He was the first vice chairman of the board for oversight and has been a member of the board since October 13, 2017, according to a Fed press release.
As vice president of supervision, he “oversaw the supervision and regulation of financial companies within the jurisdiction of the Board,” the Fed statement noted. “He was concurrently Chairman of the Financial Stability Board, or FSB, an international body created by the G20 to ensure the resilience of the global financial system. His three-year term as FSB President ends on December 2.
“In both positions, he played a central role in ensuring the safe functioning of national and international financial systems during the stress of the COVID event,” the statement said.
Prior to becoming a member of the Fed’s board of directors, Quarles was the founder and managing director of Cynosure Group, a private investment firm, according to the statement, and “held various senior positions in the Treasury Department under both. Bush administrations, including Undersecretary for Domestic Finance, was the US Executive Director of the International Monetary Fund and was a partner of both the Carlyle Group and, earlier, of Davis Polk & Wardwell.
In his resignation letter, he said: “After more than four years as a member of the Board of Governors of the Federal Reserve, and given the end last month of my tenure as Vice Chairman for Board Oversight, I intend to resign. my post as governor of the Federal Reserve during or around the last week of December of this year.
Executive Shuffle as Exegy and Vela merger approaches
The ongoing merger of Exegy Inc. and Vela Trading Systems has appointed a CFO, who will also join its integration management framework. The new CFO is David foster, an accounting and finance veteran with over 30 years of experience.
Exegy also reports the departure of Jen Nayar, The former CEO of Vela, who was also the director of integration of Exegy, according to the statement, which points out that since the start of the merger process, Nayar, together with the CEO of Exegy Jim O‘Donnell, “Was responsible for mapping and monitoring the progress of the company’s integration efforts. “
Besides, Krista Steward, former CFO of Exegy, has been appointed Head of Integration.
Exegy is headquartered in St. Louis, Missouri, with regional offices in the US, UK and Asia-Pacific regions, the supplier notes. The merger, first reported in May 2021, is “financially backed by Marlin Equity Partners,” according to a statement. – L.Ch
Encompass Appoints Industry and Regulatory Affairs Director
Encompass Corp., a provider of know your customer (KYC) and anti-money laundering (AML) software, has appointed Dr Henry Balani, a veteran financial and academic services executive, as global head of industry and regulatory affairs.
Balani will be “responsible for developing and maintaining relationships with regulators, initiating research on key market issues, informing product strategy and representing the company,” according to the company’s statement, which also notes that it will be based in the United States, but “will be overseeing operations in all territories.
Balani “lectures on international financial crime management and compliance, and publishes research on the impact of AML sanctions and regulations on banking sector valuations in the United States and Europe,” according to the press release. the society.
According to his LinkedIn profile, Dr. Balani is an Assistant Professor of Commerce at Northern Illinois University and Assistant Professor of Law at Case Western Reserve University School of Law. – L.Ch