BNY acquires Archer, Old National drops 'interim' tag from its CFO

September 13, 2024 2:01 PM

In this week's banking news roundup: BNY acquires managed-account software company Archer; Old National Bancorp removes the "interim" tag from Chief Financial Officer John Moran; Royal Bank of Canada does the same for Chief Financial Officer Katherine Gibson; and more

BNY buys managed-account software company Archer

BNY, the oldest bank in the U.S., said last week that it acquired Archer, which provides cloud-based software for managed accounts.

"Managed accounts are one of the fastest-growing investment vehicles in the asset management industry, enabling investment advisors and asset managers to offer customized portfolios to retail investors at scale," said Emily Portney, Global Head of Asset Servicing at BNY, in a press release announcing the deal. "By combining Archer's market-leading capabilities with BNY's broader footprint and expertise, BNY will offer fully integrated, end-to-end retail managed account solutions across our entire platform."

The deal is slated to close in the fourth quarter of 2024. The companies didn't disclose financial terms. — Chana R. Schoenberger

Old National takes the interim tag from its CFO

Old National Bancorp has taken the interim tag from Chief Financial Officer John Moran, who started as finance chief in the spring following the arrest of his predecessor.

Under a new employment agreement with Evansville, Indiana-based Old National, Moran will receive an annual base salary of $600,000, a target bonus opportunity of $480,000 and an annual long-term equity award of $450,000, the bank said in a securities filing.

Moran, 48, has been serving as Old National's interim CFO since April 1, shortly after former CFO Brendan Falconer was arrested on child molestation charges.

Meanwhile, Falconer, who was placed on administrative leave following his arrest, has entered into a separation agreement with Old National, according to the bank.

Falconer will receive a cash payment of $2.645 million, the securities filing said.

"Mr. Falconer's separation from the Company was not related to any disagreement with respect to the Company's financial reporting or condition, operations, policies or practices," the bank said. — Kevin Wack

RBC’s CFO sheds ‘interim’ title

Royal Bank of Canada in Toronto named Katherine Gibson as its chief financial officer Thursday, after tapping her to fill the role on an interim basis in April.

Gibson, a two-decade veteran of RBC, previously held other leadership positions in finance functions at the bank before landing in the top seat this spring upon the ousting of former CFO Nadine Ahn.

"[Gibson] is a respected and experienced leader who brings deep expertise in both business and global enterprise finance, and has been a tremendous contributor and strategic advisor as interim CFO for the past five months," said RBC President and CEO Dave McKay. "We are proud that Katherine emerged as tclear top candidate after an international search, reinforcing the strength of talent at RBC."

Ahn was fired when RBC said it found evidence of an "undisclosed close personal relationship" with another employee that led to preferential treatment. The other employee, who was also fired, was identified as former head of capital and term funding Ken Mason.

Ahn and Mason have each filed wrongful termination suits against RBC, and deny they had an affair. — Catherine Leffert

JPMorgan names top dutch dealmaker Verwey as Europe M&A co-head

JPMorgan Chase has appointed veteran banker Cassander Verwey as co-head of its mergers and acquisitions business in Europe, the Middle East and Africa.

Verwey, who has been JPMorgan's head of investment banking in the Netherlands as well as senior country officer for the last five years, will take on the new role effective immediately, according to an internal memo seen by Bloomberg News. He'll serve as co-head alongside Dwayne Lysaght.

The banker will continue to be based in the Netherlands and report to Anu Aiyengar, JPMorgan's global M&A head, the memo shows. The contents of the memo were confirmed by a spokesperson for the bank.

Verwey will also continue on in his role as the senior country officer for the Netherlands for a transitional period. He previously led the M&A and corporate finance business for Belgium, the Netherlands and Luxembourg for more than 11 years. — Dinesh Nair, Bloomberg News

Deutsche Bank veteran Colquhoun to leave as BNP’s Kotsen hired

The head of Deutsche Bank's distressed products group, Gavin Colquhoun, is set to leave the German lender in December after 22 years, according to an internal memo seen by Bloomberg.

The bank has hired Frank Kotsen from BNP Paribas to lead its European distressed debt division, Chetan Shah, the bank's head of global financing and credit trading, said in the memo sent on Tuesday. Kotsen will join in November and will report to Anirban Lahiri, while Colquhoun is leaving to pursue new opportunities, according to the memo.

Kotsen was BNP's global head of distressed debt. He had joined the French lender in February last year, his LinkedIn profile shows, and left last month, according to people familiar with the matter.

Deutsche Bank and BNP spokespeople declined to comment, as did Kotsen. — Lucca de Paoli, Irene García Pérez and Laura Benitez, Bloomberg News

Wells Fargo hires RBC’s McKenzie to run private capital markets

Wells Fargo has hired capital markets banker Ricardo McKenzie from Royal Bank of Canada, according to a person familiar with the matter.

McKenzie will join the San Francisco-based corporate and investment bank as a managing director and head of private capital markets within the firm's equity capital markets business, said the person, who asked to not be identified because the details aren't public. He was previously head of global private capital markets at RBC Capital Markets, the Canadian bank's investment banking arm.

Based in New York, he will report to co-heads of ECM Clay Hale and Jill Ford. McKenzie worked at JPMorgan Chase before joining RBC in 2020.

A representative for Wells Fargo confirmed the hire and declined to comment further. Representatives for RBC didn't immediately respond to requests for comment. — Matthew Monks, Bloomberg News