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Established 1995
Wednesday 20 September 2017



Written by Chris Lemmon

Cardiff-based financial services provider 118 188 Money has named Aku Riaz Chaudhry as its new chief executive officer, starting this month. Chaudhry has over 20 years of experience within the financial services industry across Asia, Africa, Europe and the Middle East. Prior to joining 118 118 Money, he served as president and CEO of Telenor Micro Finance Bank, the largest microfinance and mobile money business in Pakistan.

Commenting on his appointment, Chaudhry said: “I am excited to be joining the team at 118 118 Money. 118 118 is a powerful customer-centric brand in the UK which carries a unique position in the world of digital financial services. I am honoured and humbled to have an opportunity to join a winning team and shall endeavour to continue the journey of delivering the 118 118 Money promise.”

Chris Pond and Faith Reynolds have been appointed by Bacs Payment Schemes Limited (Bacs) to the Current Account Switch Service executive committee, fulfilling a key undertaking set out by the Competition and Markets Authority (CMA).

Welcoming the two new directors, recently appointed independent chair of the CASS executive committee, Jo Kendrick said: “We are pleased that, in Chris and Faith, we have been able to attract two hugely knowledgeable and respected figures, who bring with them an impressive depth and breadth of skills which will be invaluable in further driving forward the Current Account Switch Service.”

The US Federal Reserve has named Dave Sapenaro as payments strategy director, with responsibility for leading payment system improvement initiatives. Sapenaro, vice president and chief operating officer of the Federal Reserve Bank of St. Louis, will lead initiatives on faster payments, payments security and stakeholder engagement.

Commenting on his appointment, Sapenaro said: “I am honoured to carry these efforts forward and excited to work closely with the many Federal Reserve and industry leaders who have generated very significant momentum toward achieving the desired outcomes. The Federal Reserve remains committed to collaborating with stakeholders on improvements that deliver safe, ubiquitous, faster payments to American consumers and businesses.”

Patrick Strobel has been named as the head of technology for EMEA at Liquidnet. Strobel brings over 16 years’ experience to the global institutional trading network, having previously delivered IT solutions for investment banks such as Deutsche Bank and JPMorgan.

Mark Pumfrey, head of Liquidnet EMEA, commented: “Following our recent acquisition of OTAS Technologies and the roll-out of Virtual High Touch in EMEA, Patrick will be instrumental in delivering these solutions to our global membership of over 870 of the world’s leading asset managers.”

The Bank of England has named Joanna Place as its chief operating officer, effective immediately. Place has been acting as COO since May 1 and previously held the position of executive director of human resources. Place will oversee the day-to-day management of the Bank, including finance, technology, information and physical security, human resources, property and procurement.

Mark Carney, governor of the Bank of England, said: “I am very pleased that Jo will be the Bank’s new chief operating officer. She is exceptionally well qualified for this vital role given her breadth of policy experience and operational leadership. Jo has over 30 years of experience at the Bank, leading teams in banking, statistics and supervision before becoming our HR director three years ago. Most recently, she shared responsibility for developing our new strategic plan – Vision 2020.”

Wealth administration software provider GBST has appointed Mark Knowlton as chief technology officer. Knowlton has worked for more than 20 years in the digital technology space, including eight years as chief information officer for AXA UK and AXA Life, as well as senior technology roles at KPMG Management Consulting, CSC and Differencis. Most recently, Knowlton worked as chief information officer at Macquarie Banking and Financial Services.

Commenting on his appointment, Knowlton said: “There is great potential for digital services to transform the financial services industry and create value for clients through collaboration and innovation. I am excited to be joining GBST at this pivotal point in the company’s evolution.”

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