ICAP plc, the largest inter-dealer broker in the world, announced today on its website that Kenneth Pigaga has been appointed Global Chief Operating Officer (COO). In his new position Mr. Pigaga will report directly to Michael Spencer, ICAP’s Chief Executive Officer (CEO).
Kenneth Pigaga joined ICAP in 2006 as COO for the Americas, where he has driven an agenda focused around the use of technology to drive efficiency and control, and more recently led a multi-disciplined team responsible for the development of ICAP’s SEF which went live on 2nd October, 2013.
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Mr. Pigaga will now join the company’s Global Executive Management Group and will assume responsibility for the operation of the Group’s governance and control frameworks. This will include oversight over risk and compliance, as well as responsibility for the control aspects of operations and technology, according to the announcement.
Mr. Pigaga started his career in 1982 at the Investment Bank Salomon Brothers and has a joint MS-MBA degree from Columbia University. Before joining ICAP in 2006, Mr. Pigaga was a Managing Director at JP Morgan, where he focused on e-commerce activities. Up until 2001 Mr. Pigaga worked at Goldman Sachs where he held several roles in emerging markets trading, portfolio structuring and e-commerce.
The CEO, Michael Spencer said in the announcement: “In this era of changing regulation and market infrastructure, Ken’s appointment underlines our commitment to improve continually the consistency and robustness of our control environment and risk management across ICAP’s global businesses. I am delighted to welcome him to the senior management team.”
Colin Smith, Group Chief Risk Officer and Gerry Harvey, Group Head of Compliance will report to Ken Pigaga, while retaining their functional reporting lines to the Risk Committee of the Board. Stephen Caplen, ICAP’s Deputy Chief Financial Officer will continue to be responsible for the Group’s Global Business Services division and IT infrastructure, reporting to Iain Torrens, Group Finance Director.