A recent leadership enhancement has occurred within a prominent financial technology firm as it brings on Larry Conover as Vice President and Special Advisor for Proxy & Corporate Actions. Conover transitions from a significant role at Fidelity Investments, where he spent 18 years, culminating in his position as Vice President overseeing the Operations and Services Group.
At Fidelity, Conover was instrumental in managing domestic and global corporate actions and proxy operations through the Asset Services Division. His extensive experience in the realm of financial services, along with his participation in various industry working groups and advisory committees, positions him well for this new venture. During his tenure, he engaged with various regulatory and legislative changes and contributed to the development of industry standards.
In considering his move, Conover expressed gratitude for his rich and satisfying career at Fidelity, remarking on the honor of working with talented colleagues to enhance organizational efficiency and customer service. Now, as part of the new organization, he will focus on enhancing product offerings and services, catering to a global clientele. A key aspect of his role will also be streamlining industry processes, such as facilitating end-to-end confirmations for proxy contests, a significant area of focus.
This appointment aligns with recent strategic shifts within the organization, notably the December appointment of a new Chief Financial Officer. These changes reflect a broader strategy of strengthening leadership as the firm positions itself for growth and innovation in the financial technology landscape.
In terms of financial performance, the firm has recently reported impressive second-quarter results, showcasing a notable 70% increase in adjusted earnings per share. This surge highlights the effectiveness of the firm’s strategies in enhancing investor communication and sustaining recurring revenue growth. The results indicated earnings of $1.56 per share for the quarter ending December 31, a substantial rise from the previous year’s results.
Earnings more than doubled, reaching $142 million, while total revenue increased by 13% to $1.59 billion. Specifically, core recurring revenues demonstrated robust growth of 9%, amounting to $980 million. Additionally, event-driven revenues saw remarkable growth, jumping 126% to reach $125 million. This spike was primarily attributed to heightened communications activity concerning mutual funds.
In a significant partnership, First Abu Dhabi Bank has engaged the financial technology firm to bolster its global agency securities finance operations, establishing a path for expanded securities lending within the UAE and the broader Middle East region. This collaboration is particularly relevant as the firm rolls out an AI-driven service aimed at algorithmic trading insights, signifying its commitment to leveraging advanced technology in financial services.
The trajectory of leadership appointments and financial performance underpins a focused strategy on innovation and client service—key elements as the firm aims to navigate and thrive in an increasingly complex and competitive financial landscape.