Following his departure from corporate actions cleansing vendor Fidelity ActionsXchange earlier this year, Chris Madigan has finally resurfaced at indirect (for now anyway) competitor XSP as the solution vendor’s new senior sales executive and account relationship manager. In his new role, Madigan is based out of New York and has responsibility for developing new business and cultivating existing relationships with strategic clients and partners of XSP.
Madigan will report to John Kehoe, director of business development and account relationship management, who has high hopes for his new hire because of his previous experience in the corporate actions space. “In addition to his reputation and enterprise level client relationships, his expertise in global corporate actions processing along with his knowledge of the XSP product makes him a strong asset to our organisation and our clients,” explains Kehoe.
At Fidelity ActionsXchange, Madigan held the role of vice president with responsibility for global sales, marketing and client management. In addition to developing and increasing brand awareness across the global financial community, he was also responsible for managing strategic alliances and partnerships. He had dealings with XSP because of its development of an interface to the Fidelity ActionsXchange service.
Prior to Fidelity, Madigan worked at Investors Bank & Trust as senior sales and client executive and head of consultant relations, where he was responsible for new business development and retention for master trust and custody units. He also worked at State Street Global Advisors/State Street Bank in a variety of roles including client service officer, sales associate/marketing analyst and portfolio accountant/Fund accountant.
XSP has recently been focused on investing in its v5 platform in order to face off the increasing levels of competition in the corporate actions automation marketplace, says the vendor. To this end, it has launched an XSP ‘in the Cloud’ offering and has been partnering with vendors in set geographies in order to extend its geographic footprint, such as Decillion Group in Asia Pacific.
As for Fidelity ActionsXchange, since the appointment of Laura Pollard at the helm, the vendor is keen to extend its ambitions further down the corporate actions lifecycle. The vendor has traditionally only seen direct competition in the form of the Depository Trust & Clearing Corporation’s (DTCC) Global Corporate Actions Validation Service (GCA VS) because of its data cleansing focus, but this will change if it reaches further down the processing chain. This will likely mean that Madigan will come up against his former colleagues as direct competition in the future.