Management Team

Board

Graham Durgan

Graham Durgan

Non-Executive Chairman

Graham Durgan has been a Non-Executive Director of Thomas Murray since 2004 and became the Chairman in 2006. With a background as an entrepreneur and Chartered Accountant, Graham is CEO of Emile Woolf International, a company specializing in training accountants abroad. He also founded Durgan Monstein Plc in 2001, providing mentoring services, training and consultancy to students undertaking for Accountancy exams and is a council member of the ICAEW. Graham holds directorship of a diverse range of companies from recruitment to advertising.


Simon Thomas

Chief Executive Officer
Simon Thomas

Simon co-founded the firm in 1994 and is the CEO. He was responsible for the creation of the infrastructure risk assessments having specialised in capital market infrastructure risk management for 18 years. He led the working group that created the CSD risk assessments, co-ordinated the custody bank assessment methodology development with a major external credit rating agency and developed the CSD and CMIRR risk assessment methodologies. He has directed and led the early public custody bank and CSD risk assessment engagements. He retains close relationships with many major financial institutions and capital market infrastructures around the world.

He started his career with Coopers & Lybrand as a chartered accountant, and spent four years with S.G. Warburg before spending five years with KPMG Management Consultants managing the securities and investment consultancy business. Prior to co-founding Thomas Murray he spent three years as an Executive Director of Davis International Banking Consultants, specialising in strategic bank consulting and primary research into the banking industry.

Advisory Board

Thomas Krantz

Senior Capital Markets Advisor
Thomas Krantz

Tom Krantz joined Thomas Murray in 2012. As part of Thomas Murray, Tom acted as an engagement director for advisory engagements on capital markets standards and business strategies for pre-trade and post-trade cash and derivatives marketplaces. At the beginning of 2015 he moved his focus to leading Benchmarking and Analytics within Thomas Murray.

Tom has a wide array of relationships with public authorities and regulators, notably the FSB, Basel Committee and IOSCO, and in London HM Treasury and Bank of England. Before Thomas Murray, as Secretary General for the World Federation of Exchanges from 2001(and Deputy Secretary General from 1997), Tom led a nine-person team serving the global trade association for regulated financial exchanges, reporting to the Board of Directors composed of 17 exchange chief executives and chairmen.

Tom holds an A.B. in Russian Studies from the University of California at Berkeley, a A.M in Soviet Studies from Harvard University and an M.Litt in Politics from the University of Oxford.

Roger Fishwick

Roger Fishwick

Roger joined Thomas Murray in January 2000. He is a member of the Advisory Board and was Chief Risk Officer. He was responsible for defining the custody bank risk assessment methodologies with a major credit rating agency and more recently led the working groups that defined the risk assessment methodologies of transfer agents and prime brokers.

Prior to joining Thomas Murray he was at Prudential Portfolio Managers (now M&G) where he was Group Treasurer, responsible for the back office, treasury and securities lending functions of the investment management subsidiary of Prudential plc. Roger was central to PPM projects to reselect its global custodian, outsource UK custody, centralise its futures clearing and integrate Scottish Amicable Investment Managers, redevelop its entire systems platform and develop the investment accounting and reporting infrastructure. Prior to joining Prudential Portfolio Managers, Roger spent 10 years in the oil sector, where he qualified as an accountant and joined the Association of Corporate Treasurers.

Tim Reucroft

Tim Reucroft

Tim joined Thomas Murray in January 2001 conducting research and risk analysis into the European securities markets. This developed into an Overseas Advisory service for capital markets where Tim helps countries modernise their infrastructures such as in Indonesia, Saudi Arabia, Dubai, Qatar, Russia, Ukraine and South Africa.

He developed Thomas Murray’s CCP Risk Assessment programme and provides specialist input on derivatives for many of Thomas Murray’s engagements. Tim also works on the larger RFP mandates helping institutional investors select global custody providers, derivative clearers and trade repository solutions.

Much of his current work is driven by the mandatory requirements of EMIR and Dodd Frank for both institutional investors subject to mandatory clearing and third country CCPs who are seeking ESMA recognition. The depository bank obligations under AIFMD and UCITS V are also part of his portfolio, with focus on the impact of CSDR and T2S on the CSD industry as well.

Previously, Tim worked for Capco and KPMG as a consultant, Salomon Brothers as Head of Derivative Operations in London and at LIFFE where he was Head of Compliance.

Tim is regular speaker at conferences. He has degrees in Natural Sciences from Cambridge and Philosophy from London, as well as being a qualified accountant.

Andrew Wright

Andrew Wright

Andrew joined Thomas Murray in 2002. Previously, Andrew worked in audit for PricewaterhouseCoopers and then as a Management Consultant. He oversees the commercial aspects of IT and software services provided to Thomas Murray by the Thomas Murray Systems group. He also works on new ventures and support for other clients in addition to designing and implementing analytical services for Thomas Murray.

Andrew holds a 1st class degree in Russian from the University of St Andrews and an MBA in Strategy and Finance from the UCLA Anderson School of Management.

Janet Wynn

Janet joined Thomas Murray in March 2013 and is Senior Advisor for North America for Thomas Murray.

Janet Wynn

Previously, Janet worked as a Managing Director at DTCC from 2001 through 2012, where she co-founded the Deriv/SERV trade matching and confirmation service for OTC derivatives, as well as the original Trade Information Warehouse for CDS contracts. Janet was also an active member of SIFMA's AMF (Asset Manager Forum) Steering Committee, a group dedicated to giving an industry voice to the operations concerns of the buy side. From 2008, Janet led relationship management for the Settlement and Asset Services businesses at DTCC, as well as overseeing the international clients.

Janet also worked for Chase Manhattan Bank, Bankers Trust Company, and the Federal Reserve Bank of New York in a variety of strategy, product, and operations management roles in wholesale securities and payments. She is a regular speaker at derivative and asset servicing industry conferences for more than 15 years and holds degrees from Oberlin College, M.I.T., as well as an MBA from NYU’s Stern School of Business.

Executives

Simon Thomas

Chief Executive Officer
Simon Thomas

Simon co-founded the firm in 1994 and is the CEO. He was responsible for the creation of the infrastructure risk assessments having specialised in capital market infrastructure risk management for 18 years. He led the working group that created the CSD risk assessments, co-ordinated the custody bank assessment methodology development with a major external credit rating agency and developed the CSD and CMIRR risk assessment methodologies. He has directed and led the early public custody bank and CSD risk assessment engagements. He retains close relationships with many major financial institutions and capital market infrastructures around the world.

He started his career with Coopers & Lybrand as a chartered accountant, and spent four years with S.G. Warburg before spending five years with KPMG Management Consultants managing the securities and investment consultancy business. Prior to co-founding Thomas Murray he spent three years as an Executive Director of Davis International Banking Consultants, specialising in strategic bank consulting and primary research into the banking industry.

Ross Whitehill

Ross Whitehill
Chief Operating Officer

Ross is responsible for a range of business activities across Thomas Murray including Clients, Sales, Product, Operations, HR and Legal. He has extensive experience in the Asset Servicing industry having worked with BNY Mellon, Morgan Stanley and Standard Chartered Bank in their custody, securities finance, prime brokerage and index business. He worked previously with Thomas Murray for 13 years, principally developing the Custodian Selection and Monitoring activity globally.

Prior to re-joining Thomas Murray in April 2018, Ross worked for BNY Mellon in their Markets business and was responsible for regulatory matters in Europe and spent much of his time with regulators across the EU.

Mark Davies

Director, Bank Monitoring Group
Mark Davies

Mark joined Thomas Murray in early 2017 and heads up the Bank Monitoring Group. The main area of responsibility of the group is sub-custody monitoring where global custodians and depository banks outsource part or all of the network management function to Thomas Murray. The 12 person team covers over 300 sub-custodians and cash agents in 87 markets. The team tracks capability and associated risks way of questionnaires and a biennial visit programme producing various reports for clients.

Prior to joining Thomas Murray, Mark has had a long career in banking with over 30 years at HSBC moving into the custody business in 1989 predominantly on the sales and relationship side. This period covered the emerging of a number of new markets in Asia and Middle East to cross-border investors. This was followed by seven years at Standard Chartered which added the African markets to his experience. Mark then moved into network management for a two year consultancy role at Credit Suisse.

David Dickinson

Director, Global Client Relationship Management
David Dickinson

David joined Thomas Murray in late 1999 and is currently responsible for global client relationship management. He represents the clients’ interests with Thomas Murray and ensures that products and services meet client expectations. Prior to assuming this role he directed the agent bank monitoring activity including both cash correspondents and custody service providers. Based in London, he continues to travel extensively on behalf of the Company’s clients, visiting banks and local market infrastructure organisations.

Prior to joining Thomas Murray, David spent various roles in custody operations at SG Warburg and later RBS Trust Bank where he managed the agent bank network realising major savings in operational fees and consolidating agent bank relationships, and at Royal Bank of Scotland where he was involved in the Euro Conversion Project amongst other operational projects.

Derek Duggan

Derek Duggan
Director, Sales and Product Development

Derek has been with Thomas Murray since it was established in 1994. He is responsible for sales and marketing of the firm’s risk assessments, data and technology products and its monitoring services. He led the development of the firm’s data products and more recently has co-ordinated working groups that defined the recent transfer agency and prime broker risk assessments. He manages a small team of salesmen responsible for selling into custodians, depositaries, banks and other groups.

Prior to joining Thomas Murray, Derek was head of Euromoney's Global Research business where he managed major industry syndicated studies and authored numerous research reports in the legal and financial services area, having previously held positions at IFR/Thompson Reuters.

Albert Kwok

Albert Kwok
Director, Technology

Albert joined Thomas Murray in 2005. He focuses on the delivery and enhancement of our technology platforms to maintain an effective operational environment for both Thomas Murray and our clients. This involves managing the delivery of Thomas Murray's information and web-based technology in White Labelled form to numerous broker/dealers, investment banks, custodians and other financial groups globally.

Prior to joining Thomas Murray, Albert has worked in a variety of industries and countries with experience in managing the complete lifecycle of project delivery for hosted analytical services, applications covering financial modelling, fees analysis, operational workflow, tendering, information gathering and distribution.

Jim Micklethwaite

Jim Micklethwaite
Director, Capital Markets Group

Jim Micklethwaite joined Thomas Murray in 1996. He directs the Capital Markets group which is responsible for the collection and validation of data, issuing risk assessments and monitoring all Thomas Murray's products. He directs a team of 18 analysts that track market practice in over 100 markets; assess risks in over 85 market infrastructures; 140 CSDs, 260 agent bank assessments and 30 CCPs worldwide. Jim is a subject matter expert on central depositories, and has led various public rating projects for CSDs and more recently major capital market infrastructure CPSS/IOSCO and CSD benchmarking studies.

Previously, Jim was a senior analyst within Thomas Murray evaluating and selecting local and global custodians for clients. Prior to joining Thomas Murray he was at Taylor Nelson AGB as Senior Researcher in their financial division.

Stephen Merry

Stephen Merry

Director, Advisory

Stephen Merry joined Thomas Murray in 2002. He was a Consultant and then Managing Consultant in the company's Advisory Services division which evaluated service providers to institutional investors, including but not limited to custodians, fund administrators, depositories, and derivative clearing brokers. He now serves as the Director of Thomas Murray's Analytics team. Along with the evaluation and selection of service providers, this team manages all complex and bespoke consulting projects for institutional investors market infrastructures and bank clients globally.

Luis Carlos Nino

Luis Carlos Nino
Director, Analytics

Luis Carlos joined Thomas Murray in 2009. He is the director of Analytics and is responsible for the Post-Trade Risk Analytics (PTRA) product, which provides a comprehensive view of post-trade risk tailored to the profile of a fund or client. He has also led regulation-driven initiatives in the area of capital markets. Luis Carlos has wide experience conducting public assessments of CSDs across developed and emerging markets. In addition, he has been heavily involved in CSD service benchmarks and advising on financial modelling for financial market infrastructures.

Prior to joining Thomas Murray, Luis Carlos worked as an economist in various economic consulting firms in London and was an econometrician in a British government agency and a Colombian public sector. He holds degrees in Economics and Political Science from universities in the UK and Colombia.

Llew Walker

Llew Walker

Director, TA

Llew joined the firm in 1994. He is responsible for the set up and distribution of Thomas Murray's products to clients. Llew focuses on managing client requirements, supporting the delivery and enhancement of Thomas Murray’s technology to the numerous broker/dealers, investment banks, custodians and other financial groups. He has an in-depth knowledge of Thomas Murray's history and clients, and has managed the development of many of Thomas Murray's early software, technology and web platforms.

Brian Ward

Brian Ward

Director, Monitoring and TA

Brian joined Thomas Murray in 2007 and has overall responsibility for the Thomas Murray analyst team and delivery of the various reporting modules. Previously, Brian spent over twenty-five years in all areas of the back and middle offices for the Prudential’s investment management subsidiary, including the management of a number of the operational teams including foreign exchange settlements. Most recently Brian worked for State Street Investment Manager Solutions where he was engaged in middle office outsourcing delivery.