Datta and Harris launch Soterium 01 June 2018Toronto Reporter: Jenna Lomax
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Experienced financial services consultant Sudha Datta and specialist Jim Harris have launched Soterium, a financial services firm.
Soterium offers servicing in global custody and securities lending for small- to medium-sized beneficial owners in the North American market. Soterium鈥檚 is based in Toronto, Canada.
Datta is an independent consultant and advises asset managers, family investment offices, pension funds, endowment funds and credit unions.
Datta served as head of operations with the Sovereign Wealth fund Abu Dhabi Investment Authority where he was responsible for custody, securities lending and investment operations for more than 20 years.
Harris has more than 40 years finance experience in both the UK and Canadian financial services. Harris headed global custody and UK Settlements teams in his career with a UK Bank.
He is responsible for both the creation and implementation of the Continuous Risk Assessment Model at RBC.
Harris moved to Canada in 2010 to help establish the Americas hub in Toronto and has served twice as the chair of the Depository Information Gathering Project.
Commenting on the new venture, Datta said: "I鈥檓 surprised at the amount of investors who have not heard of securities lending, as a stand alone product and that fact alone provides the opportunity for an education program in the first instance and much more beyond."
Harris commented: "Generally speaking, most beneficial owners delegate safe keeping of their assets, which are then lent as part of that arrangement, but very few take an active interest in anything other than a monthly lending fee payment."
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