SmartStream's DClear Services reference data and utility business has appointed Hugh Stewart as its new sales director. He joins from enterprise data management vendor GoldenSource, and prior to that was a shareholder and director of Pelican Consulting, an investment and commercial banking consultancy focused on risk management, derivatives and commercial lending. Stewart has also worked for Quic Financial Technologies, Algorithmics and Bankers Trust in more than 30 years in the industry and is tasked with managing teams based in the US, UK and Asia-Pacific regions at DClear. He will be responsible for developing the data offerings available to investment banks, asset managers, hedge funds and brokers, using existing products like the financial data dictionary and instrument cleaning services, while also promoting new enhancements such as corporate actions cleansing, and counterparty, legal entity and hierarchy management solutions.

According to Stewart, the regulatory developments occurring throughout 2011 and beyond, as well as the strong drivers for operational integrity and economic efficiency, are forcing firms to re-examine how they manage their reference data. He sees this as an opportunity for growth in his new role as sales director at DClear.

"Furthermore, with the quality of data governance becoming a critical success factor for client retention and development, banks and asset management companies are looking to re-position and standardise systems and processes that currently consume vast amounts of time, effort and money," he says. "DClear's customised data services offer solutions and a new business architecture by providing institutions with enhanced reference data management through shared, standardised delivery of commoditised functions. As a result our solutions deliver significant risk mitigation and reduce operational overheads, while boosting data quality and accuracy."

Philippe Chambadal, chief executive of parent company SmartStream, is pleased to have Stewart on board, commenting that: "He brings proven expertise in data management and has demonstrated skill in creating and growing successful sales operations. He will enable us to continue DClear's success and expand the services into new areas, supporting firms as they look to meet new data management requirements."