SunGard Trading and Risk Systems has acquired Oxford-based credit risk software development and consultancy firm Alpha-Numeric Developments (AND). Financial details have not been disclosed.
AND's team of credit risk developers and project managers will continue operations at the Oxford research and development centre, focusing on the development, quality assurance and professional services of SunGard's Credient solution. The Credient service provides a real-time, credit risk solution for global exposure aggregation and limits management, analytics, collateral management and Web-based communications.
The team will continue to be led by Brad Impey, previously the managing director of software development at AND. David Blakes, the founder and chairman of AND, will be the head of professional services.
David Rowe, senior vice president, risk management, at SunGard Trading and Risk Systems, says: "AND uniquely bridges the gap between academia and practical application, with ongoing relationships with research experts in quantitative finance, mathematics, physics and engineering at Oxford University."
In a separate announcement, SunGard has undertaken a reshuffle of senior management of its Trading and Risk Systems operating group. Terence Faherty has been promoted from his position as chief operating officer to president of the BancWare operating unit. His past industry roles have ranged from fixed income specialist for Reuters in New York to derivatives marketing specialist for Abbey National Baring Derivatives in London.
Faherty's predecessor, Matt Mandalinci, will continue to have executive oversight of the operating unit in his new role as managing director, SunGard Trading and Risk Systems, with responsibility for the Asia Pacific, Japan and Korea region.
Donald Wood is rejoining the company after a three year absence, in which time he was chief technology officer at both M2Card and IQ Financial Systems. Wood takes up position as senior vice president, development, for the company's Panorama operating unit.
Also returning to SunGard is Joe McHugh as group chief financial officer of SunGard Trading and Risk Systems, to be based in London. McHugh joins from Internet Capital Group, where he was financial director for European operations.