In another instance of what seems to be a recent spate of corporate actions vendor musical chairs, Information Mosaic has poached Tata Consultancy Services’ (TCS) Manmohan Singh to help it establish a new office in India. Singh brings with him his management team in order to establish a new development facility for the vendor in New Delhi, India, over the next few months.
Singh joins as global head of product leadership and will be a member of Information Mosaic’s executive team with global responsibility for pre-sales and product management. The vendor is keen to expand its Asian reach and this appointment is an integral part of its growth strategy, says John Byrne, Information Mosaic’s CEO and president.
“Manmohan’s in depth knowledge and vast experience of our industry will help us take our company’s growth and leadership to the next level. We recognise the increasing importance of Asia in the global marketplace and these additions to our New Delhi team, as well as the establishment of our facility in India, reflect our strong commitment to the region. We plan to recruit aggressively, increasing headcount in New Delhi to 100 staff over the next 12 months,” he explains.
As well as knowledge of the Indian market, Singh has also long been a proponent of corporate actions standards and currently serves on the Securities Market Practice Group (SMPG) and National Market Practice Group (NMPG) committees. The vendor is likely hoping this domain knowledge in combination with his local market profile and expertise will combine to ease its entry into the Indian domestic and wider Asian markets.
Singh cites the vendor’s “collaborative ethos and the high integrity of its staff” as reasons for his move from TCS, where he was a consultant.
Information Mosaic has also recently refocused its efforts in the US market by transferring its global sales support team head, Gerard Bermingham, from Ireland to New York. Bermingham is now vice president of product consulting for Information Mosaic Americas and is charged with overseeing the vendor’s planned expansion in the local market.
This refocusing is likely a reaction to the changing competitive landscape in the corporate actions and custody space, as new entrants appear and more established vendors compete for traction in new geographies. Direct competitors to Information Mosaic such as SmartStream have also been extending their Asian ambitions, for example. SmartStream added another office in Asia earlier this month in Tokyo with a view to gaining local traction for solutions including its TLM Corporate Actions offering.
The Indian base for Information Mosaic will therefore likely be the first of many planned office openings in the region, as it scales up its ambitions in the fight for geographic footprint.