CLS Group, a provider of risk mitigation services to the FX market, has appointed David Puth as chief executive officer.
Puth (pictured), who was also named chief executive of CLS Bank International, is scheduled to take up the position on 21 August 2012.
Puth’s career spans more than three decades in financial markets, including 19 years at J.P. Morgan where he served in a variety of senior global leadership roles, including oversight of the firm’s FX, interest rate derivatives, commodities, and emerging markets businesses. In addition, Puth served as a member of JPMorgan Chase’s executive committee.
After leaving J.P. Morgan in 2007, Puth founded The Eriska Group, a New York-based risk management consulting organisation.
Most recently, Puth worked at State Street from 2008 to 2011, where he was executive vice president and head of global markets. In this role he was responsible for sales, trading, and investment research across multiple asset classes, including FX, and for Currenex, the firm’s electronic FX brokerage business. Puth also served on State Street’s management committee.
“As the pace of regulatory and industry change in the FX market continues to accelerate, the CLS Board is convinced that David is the right choice for our firm,” says Gerard Hartsink, CLS’ interim executive chairman. “With his vision and experience, the board believes that David is uniquely qualified to lead CLS through this challenging period in the FX industry.”
Puth will be responsible for the day-to-day operations and management of CLS. At the board’s request, Hartsink will support Puth for a brief transitional period before returning to his position as non-executive chairman.