The Depository Trust & Clearing Corporation (DTCC) announced today that Robert E. Garrison, 52, an industry veteran and respected technology leader, will join DTCC in the position of chief development officer for its Information Technology division. He will officially start in October.
In his new position, Garrison will be responsible for all IT application development efforts at the company, supporting the broad array of products and services DTCC provides to the financial services industry across asset classes, including clearing and settling virtually all equity, corporate bond and municipal bond trades in the U.S., as well as all money market instruments trades, U.S. Government securities trades and all agency mortgage-backed securities trades. DTCC also provides global repositories for all OTC credit and equity derivatives trades and is a major hub for information services and money settlement for mutual funds and insurance annuities in the U.S. DTCC cleared and settled transactions worth $1.48 quadrillion in 2009.
"We are delighted to have someone with Bob's proven track record in leading major technology initiatives join DTCC at this critical moment, when the industry is looking to us for solutions that will help them meet new regulatory requirements in the most efficient and cost-effective manner," said Michael Bodson, executive managing director, DTCC Strategy and Business Management. "Bob's decades of experience, leadership and vast knowledge will allow DTCC to remain on the leading edge of innovation and help us further enhance our risk management capabilities in the years ahead."
In his new position, Garrison will report to Jacob Feuchtwanger, DTCC's chief information officer. Garrison has spent 25 years at Morgan Stanley working in various technology leadership positions, including such areas as Wealth Management, Fixed Income, Global Custody, Global Operations, Prime Brokerage, Equities, Investment Banking and Applications Development.
Among his most recent accomplishments was leading the technology integration for the Morgan Stanley Smith Barney joint venture, where he established the governance structure for information technology (IT), led the discovery process, established the organization and integratentegrated two departments.
Garrison led the Global Wealth Management technology group for Morgan Stanley from 2007 to 2010, significantly improving the technology capabilities of the business. Prior to that position, Garrison was responsible for Applications Development for its Institutional Securities Division. He was also responsible for leading the technology integration of Barclay's Global Custody business into Morgan Stanley Trust Company. As part of that effort, he led eight months of due diligence and analysis in 1996 and moved to London with his family to lead the execution and delivery of the integration once it was approved.
Garrison has been a member of the Morgan Stanley Global IT Management Committee since 1999. The group is responsible for managing the global technology organization, establishing policies and standards and developing risk management practices, financial management, governing enterprise projects, communication and resource management.
Garrison earned a bachelor's degree in Government and History in 1980 from Bowdoin College.