
About Us
Thomas Murray helps our clients to achieve better compliance and risk management through its three divisions:
Data, Monitoring & Analytics captures, processes and analyses intra-day data from banks, financial market infrastructures and capital markets, as well as providing advisory services. Clients include custodian banks, cash banks and institutional investors.
Regulatory Solutions supports financial institutions exposed to European fund regulation such as AIFMD and UCITS V to mitigate their market and counterparty risk exposure. Clients include depositary banks, management companies, fund platforms and fund managers.
Technologies provides data management technology to major financial institutions to facilitate counterparty monitoring and risk management.
We are a team of c.100 analysts, consultants and technologists, based in London with a presence in the US, Canada, Colombia, Hong Kong and Australia. Thomas Murray people come from a variety of backgrounds, including rating agencies, investment banks, custodian banks, accounting firms, broker dealers and, of course, our graduates.
We are always looking for talented people to join our growing team and invite speculative applications from professionals and graduates alike.
Our Management Team











Our Advisory Board

Tim Reucroft
Tim qualified as an accountant in industry before joining KPMG as a consultant. He spent the rest of his career in the financial sector, gaining derivatives experience at LIFFE (Head of Compliance) and Salomon Brothers (Head of Derivative Operations – London). Tim joined Thomas Murray in 2001, where he developed the first central securities depository (CSD) and central counterparty (CCP) risk assessments, and later led Thomas Murray’s Overseas Advisory team helping to modernise capital market infrastructures in Russia, Ukraine, South Africa, Qatar, Dubai, Saudi Arabia and Indonesia. He is a leading expert on capital markets and is regularly invited to speak at conferences, as well as making contributions on the future of UK financial services post-Brexit.
He holds degrees in Natural Sciences from Cambridge and Philosophy from London as well as being a qualified accountant (now lapsed).

Roger Fishwick
Roger was Group Treasurer at Prudential Portfolio Managers (PPM), responsible for the back office, treasury and securities lending functions, as well as reselecting the global custodian, outsourcing UK custody, centralising futures clearing and integrating Scottish Amicable Investment Managers. Prior to that he established the treasury function at PPM, having initially joined on the fixed income management desk, before serving as Client Services Director and setting up the middle office. Before PPM he worked in the oil industry, in the treasury department of Enterprise Oil. He joined Thomas Murray in 2000, setting up the global and domestic custody ratings and working in its Institutional Advisory business before serving as Chief Risk Officer up to his retirement.

Mark Eccles-Williams
Mark has over thirty years’ global investment banking experience. He worked in institutional advisory on global financial equities at Fox-Pitt, Kelton and Kelton International prior to establishing the London office of Keefe, Bruyette, and Woods, a US investment bank. He has since held business development roles at Amius, H&K Financial, StoneHedge Partners, LetsJoin and Oxford Technology Management. Today, Mark is an advisor to several firms, from the investment industry to tech start-ups and a cybersecurity company. He joined Thomas Murray’s advisory board in 2020, and is a Director of Thomas Murray Digital.
Mark has an MBA from Ashridge Business School and political science degrees from SOAS, the University of London and the University of Cambridge. He began his career as an officer in the British Army.
1994
THOMAS MURRAY FOUNDED
Building on the expertise of founders Simon Thomas and Simon Murray, the firm publishes the definitive book on the industry, ‘Global Securities Services – the Institutional Investors’ Guide’ and begins gathering market data and advising clients on global custodian selection.
1995
SECURITIES MARKET INFORMATION PROFILES
The firm’s Securities Market Information Profiles begin life as paper publications covering all major investable markets with a consistent data template.
1997
LAUNCH OF SUB-CUSTODIAN MONITORING
Thomas Murray develops its sub-custodian risk assessment methodologies and processes, well in advance of regulation, while monitoring sub-custodians on behalf of Bank of Bermuda; the service eventually grows into the Sub-Custodian Risk Assessment product with 180 assessments by 2002 and over 360 assessed entities today
2000
FINANCIAL MARKET INFRASTRUCTURE RISK ASSESSMENTS DEVELOPED
Responding to the extended interpretation of Rule 17f-7 of the US Investment Company Act of 1940 and global custodians’ demand for risk assessments to pass to clients, the firm collaborates with industry to enhance its risk classifications and assessment methodologies covering central securities depositories and capital market infrastructures.
2001
TECHNOLOGY PLATFORMS BUILT
Thomas Murray deploys the first generation of its proprietary data management and workflow applications MarketFlow and SupplierSelect for Financial Services, enhancing its ability to gather information and provide consistent analysis and monitoring of markets and financial institutions on a global scale.
2003
FIRST PUBLIC GLOBAL CUSTODIAN & SUB-CUSTODIAN RISK ASSESSMENTS PUBLISHED
The firm begins publishing detailed public assessments of custody providers where it has been commissioned by an assessed entity to demonstrate its capabilities.
2004
GLOBAL CUSTODIAN MONITORING SERVICE ESTABLISHED
The Custodian Monitoring suite of services encompasses fee benchmarking, foreign exchange transaction cost analysis, operational performance benchmarking, and reviews to ensure that contractual terms are in line with current best market practice.
2005
THOMAS MURRAY’S PROPRIETARY SOFTWARE LICENSED FOR INDEPENDENT CLIENT USE
Bank and institutional investor clients start to adopt Thomas Murray’s proprietary software tools as white labelled web applications, recognising their fit and customisability for their own information management and risk assessment processes.
2012
CASH MANAGEMENT SERVICES
Replicating its success with securities services, Thomas Murray works with old and new clients to roll out Cash & Treasury Market Profiles and Cash Correspondent Monitoring services.
2013
CENTRAL COUNTERPARTY RISK ASSESSMENTS LAUNCHED
Central Counterparty risk assessments launched. Thomas Murray extends its risk assessments to the coverage of Central Counterparties, responding to the European Market Infrastructure Regulation and requirements for central clearing of trades.
2014
PRIME BROKER AND TRANSFER AGENT ASSESSMENTS INTRODUCED
The firm begins risk assessments and monitoring of prime brokers and transfer agents to address requirements from the Alternative Investment Fund Managers Directive and Undertakings for Collective Investment in Transferable Securities V Directive for depositary banks to assume liability for downstream risks.
2016
WRAPPED SOLUTION FOR DEPOSITARY BANKS INTRODUCED
Thomas Murray introduces its wrapped solution to address the risk monitoring needs of depositary banks, covering the assessment of global and sub-custodians, prime brokers, market asset safety risk, and transfer agents.
2017
POST-TRADE RISK ANALYTICS DASHBOARDS RELEASED
Thomas Murray’s detailed post-trade risk assessments are applied for the first time directly to clients’ portfolios and trading volumes through interactive visual analytics dashboards, enabling them to quantify their post-trade risk exposures.
2019
25TH ANNIVERSARY AND LAUNCH OF ENHANCED CASH CORRESPONDENT MONITORING SERVICE
Thomas Murray celebrates 25 years of expertise at the heart of the post-trade capital markets sector and applies its counterparty monitoring expertise to an expanded Cash Correspondent risk assessment and monitoring service. This managed service is based on a methodology and assessment questionnaire developed in partnership with industry leaders. It combines the risk assessment of snapshot representations from banks with Thomas Murray’s ongoing news monitoring and report updates.