Thomson/DTCC joint venture Omgeo has waved goodbye to its European and US managing directors Richard Hughes and Scot Knight as the trade matching utility looks to freshen up its business model.
The departure of European managing director Hughes and Scot Knight in the US comes six months after the appointment of Clearstream's Martin Brennan to the newly-created position of head of global sales and account management. His arrival, with a direct line to Omgeo president and CEO Adam Bryan in the US, signified a change in direction for the joint venture.
The company, which was initially conceived as a cross-border utility for post trade processing in a T+1 settlement environment, is emerging from a period of retrenchment after struggling to sell the big picture concept of global matching to its core constituency of US fund managers.
Much of the administrative functions have since been devolved from the regions and centralised in the US and the utility is now looking to embed itself in national market infrastructures and networks as a trusted integration partner.
The change in direction, and the fresh set of management challenges required to implement it, is understood to have prompted the departures of Hughes and Knight, who have both been with the venture since its inception.
Omgeo has yet to formally comment on their departures.