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DClear Services Expansion Continues with Appointment of Industry Veteran Hugh Stewart

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SmartStream, the financial Transaction Lifecycle Management specialist, today announced the appointment of Hugh Stewart as sales director for its DClear Services business.

Stewart joins DClear with more than 30 years of sales and management experience in the global financial services and technology industries, most recently as SVP of sales, EMEA and Asia at enterprise data management (EDM) vendor GoldenSource. Prior to that role, he served as a shareholder and director of Pelican Consulting Ltd., an investment and commercial banking consultancy and advisory company focused on risk management, derivatives and commercial lending. Hugh has also held management positions at, among others, QuIC Financial Technologies, a provider of derivatives pricing and risk analytics software, risk management vendor, Algorithmics and Bankers Trust.

At DClear, Stewart will be managing teams based in the US, UK and APAC tasked with evolving utility and reference data services being offered to Investment Banks, Asset Managers, Hedge Funds, Brokers and other financial services companies. These services include DClear’s established Symbology Cross Referencing (SCR), Financial Data Dictionary and Instrument Cleaning Services, alongside new enhancements such as Corporate Actions Cleansing, and Counterparty, Legal Entity and Hierarchy Management.

Commenting on his new role, Stewart said: “The regulatory developments occurring throughout 2011 and beyond as well as the strong drivers for operational integrity and economic efficiency are forcing firms to re-examine how they manage their reference data. Furthermore, with the quality of data governance becoming a critical success factor for client retention and development, banks and asset management companies are looking to re-position and standardise systems and processes that currently consume vast amounts of time, effort and money. DClear’s services offer a compelling solution and a new business architecture by providing institutions with enhanced reference data management through shared, standardised delivery of commoditised functions. As a result they deliver significant risk mitigation and reduce operational overheads, while boosting data quality and accuracy.”

Philippe Chambadal, CEO of SmartStream, added: “Hugh brings proven expertise in data management and has demonstrated skill in creating and growing successful sales operations. He will enable us to continue DClear’s success and expand the services into new areas, supporting firms as they look to meet new data management requirements.”

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