Tom Glocer joins as Strategic Advisor

10 March 2016 in COMPANY NEWS by Tim Binnington

Tom Glocer, former CEO of Thomson Reuters, has joined Algomi as a Strategic Advisor. Howard Edelstein has been appointed to the board, after serving two years as a Strategic Advisor. Both Howard and Tom have made an investment in the business.

Following a long executive career at Reuters, Glocer drove the formation of Thomson Reuters in 2008, where he became CEO. He stepped down in 2012 and is now Managing Partner of Angelic Ventures, a family office focusing on early stage investments in FinTech, media, big data and healthcare. He is a director of Morgan Stanley, Merck & Co., Inc., K2 Intelligence, the Council on Foreign Relations and a member of numerous boards, including Symphony, the secure, cloud-based communications service.

Edelstein is the current Chairman of REDI Holdings, the former Goldman Sachs Group trading technology enterprise, which is a position he has held since 2014. Prior to joining REDI, Edelstein served as Chairman and CEO of BondDesk, a leading electronic bond trading venue for retail investors, overseeing the sale of the firm to Tradeweb in 2013. He also currently holds positions as Chairman of Acadisoft,a collateral management/ derivatives processing firm, and is a Director of BioCatch, the Behavioural Biometrics CyberTechnology company. He was the founder and CEO of OMGEO, the industry’s trade processing infrastructure and CEO of Radianz, the global financial services extranet provider.

“Tom has joined us at a time of tremendous growth and development. His involvement is further recognition of the strength and potential of our digital offering to the fixed income markets” commented Michael Schmidt, Chairman, Algomi. “We are also delighted to appoint Howard to our board, following his strong support of Algomi for the past two years in his role as a Strategic Advisor. Howard brings an unparalleled expertise and enthusiasm for the industry, boasting 30 years’ experience in financial technology.”

“We’re empowering our customers by giving them more actionable intelligence on the data they already hold within their businesses,” said Stu Taylor, CEO of Algomi. “Tom’s experience with Thomson Reuters and his track record of working with other successful financial services businesses will be invaluable for us as we continue to develop our offering.”

Tom Glocer commented: “Fixed income markets continue to suffer from a lack of liquidity. This will only worsen as capital requirements bite. Algomi’s approach of creating a bank balance-sheet based on actual data, and virtualising the assets in the market is fascinating and I’m looking forward to working closely with them.”

“Financial markets have been forced to operate differently since the financial crisis and Algomi offers a compelling new solution that has never been tried before” added Howard Edelstein. “I’ve been working closely with Algomi for two years and believe the company delivers a second-to-none approach to a bank’s fixed income liquidity sourcing needs.”