Algorithmics has announced that Joe Balkovec, an original founder of the Algorithmics collateral solutions, has been appointed to help provide additional value to collateral clients through the next stage of growth as the market expands and develops, effective immediately.
Balkovec is returning to Algorithmics from Northbound Solutions, a leading consulting and software firm servicing the securitization industry. While at Northbound, Balkovec worked on strategic expansion of the organization.
Previously, Balkovec was a co-founder and managing partner of Sentry Financial Systems, a global financial services software company handling collateral management for derivative trading institutions, prior to its sale in 2001 to Algorithmics. Balkovec then continued to work as a Managing Director with Algorithmics, leading the software development and sales of the credit risk collateral product.
John Macdonald, executive .v.p. of marketing in London said, ‘I am delighted that Balkovec has decided to return to Algorithmics to enhance our service to clients using our collateral solutions. He has extensive experience in the collateral software market and was previously instrumental in developing Algorithmics’ Collateral Operations solution into the world leader that it has become today.
‘We are at an exciting time for the collateral business, having just released Algo Collateral V5, which provides advanced repo margining and faster generation of margin calls, as well as improved controls around the margining process to reduce operational risk. The new release provides both vertical and horizontal scalability options and migrates manual processes to a controlled environment where Sarbanes-Oxley tests apply.’
Joe Balkovec added, ‘I am very pleased to be coming back to Algorithmics at a time when it is well into the re-development of its Collateral Operations solution. I look forward to building on the success already seen in the uptake by clients of the first deliverables and to ensuring these solutions help clients to identify where the increased use of collateral can reduce the economic or regulatory capital they require and provide a competitive advantage through enabling greater volumes of business.
‘Algorithmics has also recently announced the introduction of Algo Reconciliation, which provides an intuitive and effective tool for business users to proactively identify the need for, set up and run high-speed reconciliations, matching transactions across or within organizations.
‘I will be focused on meeting the ever expanding needs of customers and enhancing Algorithmics’ opportunities in the collateral market place in the most efficient and effective way possible.’