Richard P. Sutherland
Scituate
Summary
Experienced financial professional with 20+ years of securities lending expertise. Known for building strong relationships with internal and external partners across all levels of the organization. Demonstrated success in promoting collaboration, breaking down silos, and achieving goals to improve capabilities, efficiencies, and revenue streams. Skilled leader with a track record of driving performance, meeting revenue targets, and developing team talent.
Overview
20
20
years of professional experience
Work History
Financing Solutions Managing Director
State Street Corporation
02.2024 - Current
- Head of DTC Products, Equities and Credit Trading
- Responsible for team of 6 traders, covering US Equities and US Corporate bond trading which generate +40% of the Agency lending revenue
- Point person from the Trading business to scope out, develop and deploy our internal trading front end system
- Worked alongside our business partners in Sales/Relationship management to evaluate potential clients in the pipeline, as well due diligence and handling of any ad hoc client requests
- Overall responsibility for +30 external broker relationships for which we face off in the US, expanding the number of counterparts, as well as leveraging these relationships to grow our overall market share while doing so in a risk excellent manner and managing financial resources.
- Active participate in multiple Global Markets mentorship programs, both formal and informal to educate the next generation on employees both from an Agency Lending standpoint but also around managing one’s own career.
Securities Finance Managing Director
State Street Corporation
03.2019 - 02.2024
- Head of Equities, North America
- Responsible for a team of 3 managers and 13 traders covering global equities, US Corporate Bonds as well as Canadian Fixed Income lending, with teams in Boston and Toronto
- Member of Agency Lending Management team responsible all macro business and personal decisions
- Accountable for the oversight and development of all State Street Agency Lending borrower relationships
- Involved with the Sales/Relationship Management teams with regards to beneficial owner RFP process, portfolio evaluation, due diligence meetings, and portfolio customization
- Updated internal workstreams to promote the efficient and timely delivery of all lending products including automated trading, borrower connectivity, and operational flows with our regulatory framework
- Help to develop the next generation of State Street in a formalized mentor program to aid in both employees personal and professional evolution
Manager, US Agency Lending Desk
State Street Corporation
04.2017 - 03.2019
- Securities Finance Managing Director
- Oversight of 5 traders, and responsible for determining strategy for all US listed equities, ADRs, ETFs, as well as event driven trading in the agency lending program
- Relationship management of existing borrower base, and cultivation and onboarding of new borrowers.
- Focus on how impending regulatory changes (Basel III, DFA165, NSFR) impact the securities lending market, the State Street Program and how State Street can evolve in order to effectively compete in the changing regulatory environment
- Continuously engage with existing securities lending clients as well as potential customers with regards to the benefits and risk/returns of securities lending. Provide market color, both past and present as well as speak to future trends and potential opportunities
Securities Finance Vice President
State Street Corporation
11.2009 - 11.2013
- US Equity Trading
- Senior Trader on the desk with oversight of 5 traders and multiple trading strategies including Hard to Borrow, ETF, and Corporate Events/Special Situations book as well as the overall profitability of each book
- Work directly with Sales/Relationship Management in order to optimize client returns, and seek new business opportunities
- Responsible for all aspects of growing the noncash/alternative book of business, including the infrastructure and processes to support these structures. Well versed and experienced in negotiating/facilitating all types of term trades including Evergreen, Extendable, and Bullet structures
- Responsible for weekly reporting to Global Management regarding trends, budget goals, forecasting and offering new revenue ideas
Securities Finance Assistant Vice President
State Street Corporation
09.2007 - 11.2009
- Pacific Rim Trading
- Daily trading in all Pacific Rim markets, focusing primarily on Japan
- Allocation and pricing of all corporate event activity to maximize profit
- Responsible for negotiation and pricing of multi-billion dollar dividend baskets for Japanese equities
- Seek out non-traditional lending ideas for both profit generation and client optimization
- Focus on relationship building and attaining specified target balances for some of our largest borrowers while adapting to working in a new cultural environment
Securities Finance Trading Assistant
State Street Corporation
06.2005 - 09.2007
- Self-motivated, with a strong sense of personal responsibility to learn the skills necessary to work on the US Equity Lending desk
- Gain experience in high volume and fast paced US equity lending market
Education
BA - Business Economics
Brown University
Providence, RI05-2002
Skills
- Client relationship management
- Contract Negotiation
- Team leadership
- Business strategy development
- Innovative product strategy
- Efficient trade execution
- Risk mitigation strategies
- Financial resource management
- Professional mentorship
- Sales expertise
Hobbies and Interests
4-year member of Varsity football team including 2-year starter, Avid golfer and father of three, Enjoys experimenting with cooking as well as finish carpentry and other projects
Timeline
Financing Solutions Managing Director
State Street Corporation
02.2024 - Current
Securities Finance Managing Director
State Street Corporation
03.2019 - 02.2024
Manager, US Agency Lending Desk
State Street Corporation
04.2017 - 03.2019
Securities Finance Vice President
State Street Corporation
11.2009 - 11.2013
Securities Finance Assistant Vice President
State Street Corporation
09.2007 - 11.2009
Securities Finance Trading Assistant
State Street Corporation
06.2005 - 09.2007
BA - Business Economics
Brown University
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