Former HSBC banker Lake joins fintech revolution
Former head of the bank’s capital financing unit takes new role at one of its suppliers
By Tim Burke April 12, 2017 Updated: 1:12 p.m. GMT
Spencer Lake, a former HSBC banker who led the group’s global capital financing business, has joined a fintech firm that boasts the UK bank as one of its main clients.
Lake has been named vice-chairman of Fenergo, a Dublin-based firm that makes what it calls client lifecycle management software, according to a statement from the company on April 12.
Lake spent 10 years at HSBC, including stints running debt capital markets and acquisition finance, global markets and capital financing. He quit the bank in September 2016, months after the capital financing unit was merged into a new global banking business. At that point he was vice-chairman of global banking and markets.
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Earlier in his career lake worked at Merrill Lynch and JP Morgan. He is also chairman of the International Capital Market Association.
In the announcement of Lake’s hire, Fenergo chief executive Marc Murphy said: “Spencer brings a huge amount of experience having built a successful career in investment banking over the last 29 years.”
Fenergo says its software helps banks to manage the regulatory onboarding of new clients. On its website, a list of clients includes HSBC, BBVA, BNY Mellon, Westpac and Scotiabank.
CLIENTS WHO TRUSTOUR SOFTWARE SOLUTIONS
Our main ambition is to streamline the end-to-end client lifecycle management process – from onboarding to regulatory compliance to lifecycle reviews – for all of our jurisdictions and to standardize processes and procedures across different divisions. Fenergo will help us to achieve operational efficiencies and improve our customer experience, whilst maintaining the highest level of regulatory compliance across the globe
Emma Rey Gállego Head of Customer Experience-Onboarding in CIB BBVA
The global regulatory challenge is one that continues to evolve and grow. It’s more of a journey than a destination. Therefore, it is important to find the right solutions partner to travel along that journey with you and provide the guidance needed to navigate the path ahead. We found such a partner in Fenergo
Faham Rashid Director, Operations & Technology for Global Banking & Markets division Scotiabank
We chose Fenergo’s solutions because they will enable us to meet the increasing complex regulatory frameworks with an efficient and client-centric onboarding experience