Voice of the Consultant interview by State Street Alpha
Watch this interview to hear Jeremy answer the following questions:
Frank Smietana: What role does data infrastructure play in helping firms prepare for T+1 settlement next year?
Jeremy Hurwitz: So I’ve been in the industry for 30+ years, not to date myself, but we’ve been talking T1, T0 for the entire duration of my career. Ultimately, the industry has to get there. We have to figure out how to basically break the boundaries of how data moves and how we are able to connect and communicate internally within the firm as it relates to data, specifically transactions, and settlements, and also how we connect externally with counterparties and all the third parties that we that the trade needs to communicate with.
Ultimately, we see three key components:
One is we have to open up the data model, which means cloud, cloud enablement, and cloud elasticity, all those things that essentially allow us to grow, scale, and openly connect across cloud-native environments so everybody can get access to data without having to go through the laborious sort of checkpoints and boundaries that we used to have traditionally, kind of like the European Union. Once we open up those boundaries, you know, all the transactions can flow.
Two, we have to create frictionless transaction communication cycles. And that means going into real-time messaging. It means going into blockchain where we can see simultaneous acceptance and settlement of transactions happening in real time.
And then three, we have to move the people and the process around the technology and the messaging into an automated model. So, we have to get away from people roadblocks. We have to get away from these manual processes that have happened over decades within our industry, and everything has to become frictionless. So, we need open cloud access and architecture. We need real-time, frictionless messaging, and we need agile human processing cycles that allow us to very quickly react to changes in the market, very quickly make changes to transactional cycles, and allow us to sort of stay in a near real-time model that will ultimately be the platform for allowing T+0 to occur.
Jeremy Hurwitz
Managing Director, Elgin White
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Based in Los Angeles, California, Jeremy founded InvestTech Systems Consulting LLC in 1990. As President and Director the Enterprise Data Management and Architecture Practice for more than 25 years he managed over 50 large investment technology, strategy, and implementation projects for many of the largest global investment management firms. Following the acquisition of his firm by Accenture in 2017, Jeremy remained as Managing Director, Asset Management Lead.
Jeremy joined Elgin White in 2022 to lead the firm’s launch into North America. He is recognized throughout the North America asset management community as a thought leader and innovation architect in the design of enterprise data, analytics, and reporting platforms. His deep knowledge, broad buy-side network, and extensive experience deploying business-outcome-focused technology solutions successfully has accelerated the growth of Elgin White in North America.
Stan joined Elgin White in 2020 following an impressive 30-year career working predominantly for world-class buy-side financial services firms in North America and Europe. He is a renowned buy-side technology leader with a reputation for designing and delivering large-scale transformation initiatives at scale and pace. Currently, Stan is especially active leading infrastructure (cloud and managed services) transformation projects.
His most recent roles prior to Elgin White include Chief Information Officer (EMEA) at State Street and various senior positions during his eight-year tenure at Northern Trust Corporation, including Head of IT & EMEA/Global Director of Fund Administration Technology, Global Director of Asset Management Technology, and Director of Trade Execution Technologies. Stan has also held senior Operational and Technology roles at Nuveen Investments and BNY Mellon.
Throughout his career Stan has been a strategic client or partner of every major front-to-back office technology vendor including SimCorp and Charles River Development.
Erik founded Elgin White’s consultancy practice in 2019, which transitioned the firm into a full-service buy-side consultancy and resourcing business. He is an experienced front-to-back business transformation professional and has held several senior management positions during his more than 30-year career in the UK and his native Netherlands, as well as Asia Pacific.
Previous roles include Head of Professional Services at SimCorp, Director at PwC UK, and Managing Director for Wealth & Asset Management Services at Accenture UK & Ireland.
