Mark Lancaster, a 20-year veteran in financial services, has joined Depository Trust & Clearing Corporation from Fortis Prime Fund Services as a vice-president for product management,
Mark Lancaster, a 20-year veteran in financial services, has joined Depository Trust & Clearing Corporation from Fortis Prime Fund Services as a vice-president for product management, with responsibility for a new global suite of services supporting alternative investment products.
In this newly created position, Lancaster will be in charge of promoting the alternative investment products business in the industry, building recognition and a strong client base. He will also be responsible for growing the business, expanding the user base and the service functionality.
The new suite of products, which received regulatory approval from the Securities and Exchange Commission in early May, will link broker-dealers, fund managers, administrators and custodians, and provide settlement of subscriptions and redemptions for alternative investment vehicles and a seamless, automated exchange of standardised, trade-related account information.
‘We are delighted that Mark has become a member of our team,’ says Ann Bergin, a DTCC managing director and general manager for wealth management services. ‘He brings a wealth of experience that will help us drive the business and expand risk- and cost-control efficiencies to the growing number of firms in the alternative investment space.’
Lancaster joined Fortis Bank in New York in 2006 as a director of new business development, responsible for marketing fund administration and banking services to hedge funds and funds of hedge funds within the Fortis Prime Fund Solutions division.
Previously he worked in London for Bank of New York and UBS. Between 1998 and 2005, he was a client executive in charge of BNY’s hedge fund and broker-dealer teams. He was a director with UBS’s New York branch from 1994 to 1997 UBS, before becoming an executive director in charge of a London-based team providing credit and service products to broker/dealers and other financial institutions.
Depository Trust & Clearing Corporation provides clearance, settlement and information services for equities, corporate and municipal bonds, government and mortgage-backed securities, money market instruments and over-the-counter derivatives, and acts as a processor of mutual funds and insurance transactions, linking funds and insurers with third-party distributors.
DTCC’s depository business provides custody and asset servicing for 3.5 million securities issues from the US and 110 other countries and territories valued at USD39trn, and last year settled more than USD1.8qdrn in securities transactions.
The wealth management services business provides transactional and information services to the mutual fund and managed accounts industries, through solutions like Fund/Serv and is developing new processing solutions for alternative investment products. It automates, standardises and streamlines the processing of transactions and data exchange between asset managers and their distribution partners.
