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DTCC Names New Head of Insurance Services
New York, July 17, 2008 - The Depository Trust & Clearing Corporation (DTCC) announced the appointment of Adam Bryan, a 20-year veteran in financial services, to lead its rapidly growing Insurance Services business.
Bryan will assume the role of general manager, Insurance Services effective immediately. He will report directly to Michael Bodson, DTCC executive managing director, Business Management and Strategy.
Bryan, most recently, has led DTCC's enterprise-wide strategy across all business lines to enhance customer service. His efforts have played a key role in DTCC's world-class customer satisfaction survey score of 91% last year. Bryan joined DTCC's management team in January 2007, as managing director for Customer Satisfaction and Service.
Prior to that, he served from 2000, as president and CEO of Omgeo, a global joint venture between DTCC and Thomson Reuters. Omgeo serves over 6,000 investment managers and broker/dealer clients in 45 countries, providing automated and standardized post-trade services for matching and trade allocations, confirmations, and settlement instructions.
"Adam Bryan has been a well regarded champion for straight-through processing (STP) in financial services," said Bodson, "and from the input of our senior advisory board of major insurance carriers and distributors, this is exactly the type of experience needed by the industry.
"Adam will bring a new vision which will build upon our past successes as we look to expand our 10-year-old franchise in the Insurance industry, and a customer-centric leadership style that is particularly important in building consensus and addressing the unique requirements of this market sector."
Insurance Services at DTCC now connects more than 350 insurance companies, distributors and service providers through a single, secure electronic network. Last year, total volume from eight different services reached 6.5 billion transactions, up 7% over 2006. Bryan's scope of responsibilities will include product innovation and expansion of services, marketing, relationship management, customer service and the management of day-to-day business operations.
"This is an exciting time to be joining Insurance Services," said Bryan. "DTCC has made great strides in bringing automated solutions and added efficiency to the insurance industry, through close collaboration with carriers and distributors. However, it's clear that customers are looking for us to do more—and we will do more—to help them grow their business and reduce their risk and costs."
Prior to Omgeo, Bryan was chief operating officer at the Investment Management group of Thomson Financial. He also served as chief operating officer of Thomson Financial ESG, based in Boston, and as managing director for ESG in Asia.
Earlier, Bryan held the position of managing director Asia-Pacific for Thomson Financial Publishing Group, helping to establish Thomson Financial's publishing business in the region. He was also the chief financial officer for Thomson Financial's operations in Asia.
Before joining Thomson in 1992, Bryan worked for Coopers & Lybrand, based in both Sydney and London, in their Corporate Services and Audit Divisions.
Bryan is a Chartered Accountant and holds a bachelor's degree in Business.
About Insurance Services
Insurance Services at DTCC is the central messaging hub for annuity transactions and a partner and leader with the insurance industry in the effort to automate, standardize and centralize the processing, monitoring and reporting for insurance products Insurance services connects the insurance industry through the world's largest post-trade infrastructure with processing solutions for data exchange and money settlement between product manufacturers and distributors. Insurance Services are provided by DTCC's National Securities Clearance & Settlement subsidiary. For more information on Insurance Services, visit www.dtcc.com/products/insurance.
About DTCC
The Depository Trust & Clearing Corporation (DTCC), through its subsidiaries, provides clearance, settlement and information services for equities, corporate and municipal bonds, government and mortgage-backed securities and over-the-counter derivatives. In addition, DTCC is a leading processor of mutual funds and insurance transactions, linking funds and carriers with their distribution networks. DTCC's depository provides custody and asset servicing for 2.8 million securities issues from the United States and 100 other countries and territories, valued at $40 trillion. DTCC settles more than $1.8 quadrillion in securities transactions annually. DTCC has operating facilities in multiple locations in the United States and overseas. For more information, visit www.dtcc.com.
Note to editors: A high resolution photo of Adam Bryan is available for download on DTCC's web site at http://www.dtcc.com/images/bios/bryan.jpg