Shadow Financial Systems Names Joseph A. South President
– Experienced Industry Veteran Assumes Helm of Rapidly Growing Global Securities Software Company –
EDISON, N.J. (February 1, 2006) Shadow Financial Systems, developers of the ShadowSuite global securities processing and accounting system, today announced that Joseph (Joe) A. South has joined the Company as president. He will be responsible for defining the company’s strategic direction and the composition of the company’s product offering along with driving its sales and marketing efforts. In this newly created role, South reports to Shadow Financial Systems’ founder and CEO, Donald J. Marino.
In making today’s announcement, Marino commented, “We are fortunate to have Joe join us as he has a proven background in growing, nurturing and developing boutique organizations in a very competitive industry that just happens to be our target market. He knows our clients, he knows our product, and he is already familiar with the Shadow Financial Systems’ team. I am confident that his foresight, experience and knowledge will complement our management team as we strive to achieve our goals for growth.”
South joined Shadow Financial Systems from Greenwich, Conn.-based hedge fund Paloma Partners, where he was executive vice president of its broker-dealer, Paloma Securities. There, he was responsible for the U.S.-based domestic and international securities finance group and for business development of its hedge fund transparency offering.
Prior to that, he was senior vice president at Canadian-based Maple Financial Group where he ran their securities finance business unit working from its U.S. broker-dealer Maple Securities, U.S.A. During his tenure, South established and built the company’s securities finance presence in Canada, the U.K. and the U.S.
Earlier in his career, he held positions at Canadian-based Scotia Capital Markets in both their treasury management and financial reporting groups. South began his career at Ernst & Young in Toronto.
South earned a bachelor of commerce with honors from Queen’s University at Kingston, Ontario, Canada, and holds a professional accounting designation granted by the Certified General Accountants Association of Canada and Chartered Professional Accountants of Ontario. He also holds Series 7, 24, 27, 55, and 63 certifications.
“I am very excited to join the Shadow Financial Systems’ team,” stated South. “ShadowSuite is the most comprehensive and scalable global securities processing and accounting solution available on the market today for investment industry players. As a previously satisfied client, I’ve seen ShadowSuite’s benefits firsthand. Not only did it streamline our securities processing, it provided a better experience for the support staff and had a significant impact on the bottom line of the firm. I look forward to contributing to the continuing success story at Shadow Financial Systems.”
ShadowSuite is a comprehensive global securities processing and accounting system designed to handle the complex transactions of proprietary trading desks, hedge funds, administrators, and ECNs, regardless of trading volume. ShadowSuite handles multi-currency trade processing, clearing, reconciliation, and accounting for all combinations of currencies, financial instruments and transaction types. Unlike many other systems, ShadowSuite is a real-time system that maintains every position in its originally traded currency and provides the translation gain or loss in the base currency upon consolidation of the client’s general ledger. Trades are entered from one easy-to-use screen with ShadowSuite’s intuitive Windows-based point-and-click user interface or through the extensive API provided to their clients.
ShadowSuite operates on the Windows platform, using Oracle relational database technologies. It utilizes a three-tier client/server architecture, which provides flexible and scalable infrastructure that can grow as a client’s business expands.
About Shadow Financial Systems
Founded in 1997 by industry professionals, Shadow Financial’s technology provides comprehensive post trade processing, treasury and accounting functionality on a cost-effective platform for trading organizations. Among the Company’s clients are NYSE Arca, National Financial Services LLC, a Fidelity Investments Company, Raymond James & Associates, MF Global, NYFIX International, and Belzberg Technologies. More information can be found at www.shadowfinancial.com.