Finance

Former Fidessa chair joins PwC spin-out

John Hamer, the former chief executive and chairman of trading software giant Fidessa, has joined LikeZero as the fintech firm’s new chair.

LikeZero, which was sold by Big Four accountancy firm PwC in November amid increasing regulatory scrutiny on conflicts of interests within the sector, automates regulatory risk analysis for around 10 of the City’s largest finance firms.

It was acquired for an undisclosed sum by its management in a deal backed by two private equity firms: Souter Investments, a UK family investment office for Stagecoach founder Brian Souter, and London-based Manfield Partners.

Hamer will work closely with LikeZero chief executive Michael Lines “on accelerating the growth of the business”, according to a statement from the firm.

Lines said Hamer was “the ideal person” to take on the chairmanship at LikeZero.

Hamer said the firm’s technology “gives an excellent and almost immediate return on investment to our customers”.

READ  PwC sells fintech unit amid Big Four regulatory scrutiny

“I am hugely excited by the potential to take it to a broader audience,” he added.

The role will see Hamer return to the City after the 2018 sale of Fidessa, a software provider of trading systems for banks, to Ireland- headquartered Ion Group for £1.5bn

LikeZero’s technology, developed by PwC, enables financial institutions to automatically search thousands of pages of complex legal contracts for risks arising from significant regulatory events such as Brexit or the phasing out of the London Inter-bank Offered Rate benchmark. It was developed in January 2018 by a team of PwC consultants, led by Lines.

To contact the author of this story with feedback or news, email Lucy McNulty

Most Related Links :
todayuknews Governmental News Finance News

Source link

Back to top button