Paul Richards, a former executive at Bank of America Corp., is the latest senior ex-banker to start a financial technology company, with a focus on cash savings for wealthy clients.
A series of former senior bankers … are starting financial technology companies seeking to revolutionize the traditional banking industry, using decades of experience to carve fresh niches in everything from foreign-exchange trading to consumer payments. Their presence helps add weight to startups that might otherwise make little impact amid a glut of tiny firms.
Richards, who retired from the U.S. company in 2014 after almost three decades, has opened Insignis Asset Management, a cash management company that collates multiple bank accounts for high-net-worth customers, according to a statement on Monday. The former co-head of Europe, Middle East and Africa corporate banking and debt capital markets at Bank of America, is chairman of the new Cambridge, England-based firm. Giles Hutson, who previously worked under him at the investment bank, is chief executive officer.