Duco, a London-based fintech provider of hosted reconciliation services, announced that it has established a U.S. subsidiary, Duco Technology, Inc., and opened its first North American office in New York. The office is located in midtown Manhattan.
Duco Chief Executive Officer and Co-Founder Christian Nentwich, Ph.D., said: "Over the last 18 months that we have deployed our web-based, on-demand reconciliation service, Duco Cube, we have seen an acceleration of North American based customers with a global footprint. Our new office will enable us to continue to offer U.S. and Canadian clients a premium level of support and to establish a direct sales presence in this critical market."
Duco has appointed its first New York based hire, with the intention of expanding the operation with additional staff over the coming months. David Zelinger, who used Duco Cube as a customer with a major service provider, has joined Duco Technology as Managing Director, Americas.
Nentwich said: "We have clients across the USA, with particular concentration in Chicago and New York, and approximately half our revenues come from North America. Our new office will support these firms and serve as the platform for other major financial centers in the U.S. and Canada as we anticipate significant growth over the next few years. We are delighted to have David represent us, particularly as he can speak first-hand about the benefits of Duco Cube from the client perspective."
Zelinger said: "As a former client of Duco, I was incredibly impressed by the power of the platform. Duco Cube's natural language rules engine, smooth graphical interface and world-class workflow tools allowed us to deliver high-volume trade and static data reconciliations in record time, without sacrificing the auditability and control associated with a true enterprise level platform. I am very excited to join the firm as the first U.S. employee, and I look forward to helping dramatically grow our presence in the North American market."
Based in New York for his entire career, Zelinger has spent more than 10 years actively engaged in the evolution of derivative trade processing and risk management across a broad spectrum of market participants. Most recently, Zelinger served as Director, Global Head of Operations for Markit's Credit Centre, where he led the launch of a high-volume credit management platform. Prior to joining Markit, he was a Vice President at Deutsche Bank, managing the Interest Rate Swaps middle office and then assuming the role of Head of Market Initiatives for North America. During this time, he was chair of ISDA's Global Rates Architecture and Novations Working Groups