Ken Pigaga, who was previously global COO at the fintech company, will begin his new role this month, but will remain as a director on the NEX board.
NEX Optimisation has promoted Ken Pigaga to CEO, following the departure of Jenny Knott.
Ken Pigaga, who was previously global COO at the technology provider, will begin his new role this month. He will remain as a director on the NEX board.
Pigaga will hand over his global COO responsibilities to Sam Wren, group chief financial officer (CFO) of NEX, while the NEX Transformation programme will be overseen by both Pigaga and Wren.
Prior to NEX, Pigaga was global COO at ICAP and also managing director at J.P. Morgan.
Michael Spencer, CEO of NEX, said: “In her time with us, Jenny Knott has evolved our client strategy and implemented a simpler and more unified operating model, identifying and adopting new and emerging technologies. Her significant contribution will have an enduring impact on the business and we wish her every success for the future.”
He added: “Ken Pigaga has worked closely with Jenny Knott as part of the NEX Transformation programme and is ideally placed to assume the role of CEO of NEX Optimisation. I’m confident that he will successfully take NEX Optimisation to the next level of its growth.”
Jenny Knott, commented: "I am proud of the achievements of the NEX Optimisation leadership team. My talented colleagues will continue to work with clients to solve industry-wide challenges and help them grow their businesses.”
Pigaga’s appointment comes shortly after NEX Group launched Pivot, a new tool, that will enable clients to make cash movements and money market sweeps.
Through the partnership between NEX Optimisation and NEX Markets, Pivot connects the ENSO Core platform with the NEX Treasury.
According to NEX, the new solution will help buy-side institutions act on cash insights identified within ENSO Core on a pre-trade basis, which will enable clients to make decisions to optimise their counterparty transactions in one place.
Pivot will allow hedge funds to execute cash payments through the portal for margin management, manage third party relationships, and invest excess cash in money market funds.
The new tool provides a straight-through processing connection via the SWIFT network, for single or multiple cash transfers.
Justin Meadows, CEO of NEX Treasury, said: “In partnership with NEX Optimisation we have now extended this tried and tested capability to provide clients with a secure, reliable and convenient way to automate the substantial cash collateral management workload many of them face every day.”
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