When multibillion dollar hedge fund Pequot Capital Management announced in 2009 it would close its doors at the end of that year, some senior members of the IT department were faced with decisions on the next step in their careers.
BlackRock plans to build a 31,000 square-foot data center in Amherst, N.Y., near Buffalo. The $80 million effort is one of the biggest development projects in the town, though other companies have built large data centers in nearby, western New York towns.
Deutsche Bank and Bank of New York Mellon are working on a deal through which Deutsche Asset and Wealth Management would outsource administration of a nearly $48 billion real estate fund to BNY Mellon. Details are still being hashed out, but the two firms are in exclusive negotiations and an agreement is expected by year-end.
Visa is preparing for a late summer launch of a new tool that will make it easier for corporations to pay supplier invoices with virtual card payments. The tool, which firms can embed into their general ledger software, will make it easier to select Visa's virtual credit card solutions at the point where companies decide on payment method.
KCG CEO Daniel Coleman says the next phase of cost savings stemming from the integration of Getco with Knight Capital Group will involve complex projects including technology platform integrations and reductions in communication data processing that will "take time." The savings will be noticeable but will likely not be achieved until 2015, he said.
As cloud-based hosting grows in popularity for hedge funds, the role of hedge fund chief technology officer may be shifting, with CTOs of medium to larger funds taking on strategic planning roles and newer or smaller funds outsourcing the CTO function altogether.
Pledging increased flexibility, faster processing and a much simpler infrastructure, SAP has reengineered its core finance suite for in-memory processing. The move is a first step in a broader effort to move more SAP applications in-memory, which for the financial services sector will mean in-memory risk processing and an eventual integration of risk and finance functions.
Nasdaq OMX has migrated its eSpeed U.S. Treasuries trading platform to the Nasdaq data center in a move that will boost speeds and deliver more cost efficient access to other global trading opportunities.
UBS has tapped Juniper Networks to overhaul its enterprise data center network architecture. The ultra-scalable system Juniper is building for the Swiss company will serve as a building block to help it virtualize multiple data centers.
In announcing its restructuring plan last week, Barclays made headlines with its job cuts, but the firm is making deep cuts in another area flying under the radar: servers. Barclays decommissioned...