Hi, I’m
Devang Ved
IB Operations Leader
Mumbai
Summary
I excel in driving key stroke process improvements, optimizing team performance, and cultivating strong leadership pipelines.
Having delivered over 200,000 USD in cost and risk reduction, through multiple net savings initiatives, I have also developed meticulous attention to detail, and am dedicated to enhancing processes and achieving greater efficiency.
My true passion is developing and nurturing teams to reach their full potential. I have successfully managed and mentored managers and teams of 200+ individuals across various Middle and Back Office functions including Fixed Income, FX, Equity, Derivatives, Collateral, Corporate Action, Reference Data Management,Reconciliations, and MIFID 2 Regulatory Reporting.
I thrive on coaching, continuous improvement, fostering innovation, and building a strong leadership pipeline.
Being continuously driven by a curiosity to learn, conduct research, optimize organizational behavior, and implement cutting-edge technologies within established frameworks, when faced with obstacles and skepticism, I possess the ability to shift perspectives and challenge complexities, to ultimately simplify any decision making, until a binary solution is reached: "Yes" or "No."
In my view, resource constraints are minor obstacles, when compared to the requirement of igniting the determination needed, to accomplish complex tasks.
Overview
21
years of professional experience
Work History
State Street HCL India Services Private Limited
Vice President - Cluster head, MO & BO - Ireland and Irvine
8 2021 - Current
Job overview
- My team and I, manage the OTC middle and back office in Derivatives Center Of Excellence, across 4 locations - Pune, Coimbatore, Chennai and Vijayawada
- As Cluster head, I lead a team of 232, with 1 AGM, 3 Group Mgrs, 6 Sr Mgrs/Mgrs, 10 AM/DM,and 20 TLS
- Managing complete operations, regulatory compliance and reporting functions, facing off Managing directors at State Street Ireland and Irvine, ensuring successful internal and external audits, as well as coordinating with support functions, are my primary responsibilities.
- I have to ensure regulatory compliance with all laws and regulations applicable to North American funds/entities , in addition to Central Bank of Ireland regulations and Outsourcing Registers
- I have also taken up responsibilities as Chief Ambassador for proficiency, across 600 HC of DCOE, and helped the CEO, Global delivery heads, and Business Unit heads, put in place a proficiency enhancement and tracking mechanism, implemented across ~7000+ employees of the JV
- I drive key AI & ML initiatives bridging HCLTech with JV, and utilizing HCLTech NOVUS post trade capabilities.
JP Morgan
Associate Vice President - Regulatory Compliance
11.2017 - 08.2021
Job overview
- My team and I, had to ensure compliance with the MIFID 2 regulation under RTS 2, RTS 22, RTS 27 and RTS 28 with an enhanced focus on Completeness, accuracy and timeliness
- We successfully setup the MIFID2 operations in Mumbai, which was the first regulatory compliance team of JPM based in India
- It had been developed from ground up in Mumbai, and had been a very fulfilling experience as well as a steep learning curve
- The success had been validated with all the annual audits and GRR&C reviews being green, without any observations.
Deutsche Bank Operations India (Global Services) Pvt.Ltd
Associate (Operations Manager) - Singapore & HK Domestic Settlements
11.2015 - 10.2017
Job overview
- My responsibilities included managing the custody operations for all Fixed Income and Equity trades of the Singapore Domestic market
- I also served as a back-up manager for the APAC region - including SG Global Custody, HK settlements, Billing, Support services and MMA
- Regulations my team and I supported were SGX and HKEX, in particular Buy-In withdrawals, FORM BI-W, 7 SGX rulebooks, DVP handbook, FORM 5 to INCREASE THE SB NET DEBIT CAP and DVP procedures handbook
- I managed a team of 30 FTEs, across Singapore Custody - Settlements, Support Services and Reconciliations
- In addition to multiple regulatory compliance improvements which led to cost and risk reduction, I delivered a yearly net savings of 100,000 EUR, and initiated ideas that would save 5 Million EUR in total, over the next 10 years in the Singapore domestic settlements team.
State Street Syntel Services Pvt Ltd.
Manager - Europe Operations
10.2014 - 11.2015
Job overview
- My responsibilities included managing the complete European operations of Investment Banking services for over 3600 accounts/funds of the client
- I was also contributing to Org-wide initiatives, cross functional training & process transformation while managing a team of 45 FTEs, 6 line managers & 2 Dy Managers
- Regulations I complied and reported - ESMA, Außenwirtschaftsgesetz - AWG: Foreign Trade and Payments Act, Germany, ISDA Master agreement
Blackstone (Aon Hewitt Acquisition announced here)
Team Developer - Operations & Process Excellence
08.2003 - 10.2009
Job overview
- While managing operations & driving process excellence with the Quality team, I also got an opportunity to migrate a process from Toronto, Canada
- I was in charge of the 3-member team nominated for a Learning & Development process migration
- The regulations I was exposed to were Safe Harbour Privacy Principles, Federal and State Income taxes, FICA, FMLA, Form 941 and W-2
Education
IIM Indore
PG certificate for emerging CFO
Wharton School, University of Pennsylvania
Wharton Online - 'Artificial Intelligence for business' certification
IGNOU
P.G. Diploma - Operations Management
IGNOU
P.G.D.I.M.
Institute of Distance & Open Learning, University of Mumbai
B. Com. (Mgmt.)
Skills
Leadership pipeline & succession planningundefined
Personal Information
Date of Birth: 01/21/83
Timeline
Associate Vice President - Regulatory Compliance
JP Morgan
11.2017 - 08.2021
Associate (Operations Manager) - Singapore & HK Domestic Settlements
Deutsche Bank Operations India (Global Services) Pvt.Ltd
11.2015 - 10.2017
Manager - Europe Operations
State Street Syntel Services Pvt Ltd.
10.2014 - 11.2015
Team Developer - Operations & Process Excellence
Blackstone (Aon Hewitt Acquisition announced here)
08.2003 - 10.2009
Vice President - Cluster head, MO & BO - Ireland and Irvine
State Street HCL India Services Private Limited
8 2021 - Current
IIM Indore
PG certificate for emerging CFO
04.2023
Wharton School, University of Pennsylvania
Wharton Online - 'Artificial Intelligence for business' certification
04.2020
IGNOU
P.G. Diploma - Operations Management
04.2016
IGNOU
P.G.D.I.M.
04.2013
Institute of Distance & Open Learning, University of Mumbai
B. Com. (Mgmt.)
04.2009
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