Investment management compliance specialist Joan Binstock has joined Morgan Grenfell Capital Management in New York as chief operating officer.
The position is new at Morgan Grenfell Capital, the U.S. unit of Deutsche Bank's Morgan Grenfell Asset Management in London. Ms. Binstock reports to the unit's president, James E. Minnick.
Ms. Binstock, 43, joined Morgan Grenfell in early June from Ernst & Young, where she had worked since 1995. She was most recently national director of its investment management regulatory compliance consulting practice in New York.
Morgan Grenfell Capital has $8.5 billion in assets under management, in U.S. small-cap and micro-cap equity portfolios run in New York and domestic fixed income in Philadelphia.
Since being acquired in 1990 by Frankfurt-based Deutsche Bank, domestic assets under management have increased more than 80%. The firm's clientele, primarily institutions, also has $14 billion in assets managed by Morgan's London parent.
"Our business is growing and we need someone with Joan's level of expertise," Mr. Minnick said.
"We have to have strong operations, financial controls, and administration," he added. "Those areas are becoming more important to all firms and certainly to ours."
To her consulting clients, Ms. Binstock brought personal experience as an investment compliance officer at a bank and a money manager.
Previously, she worked at J.P. Morgan & Co., where she assisted in the development of U.S. and offshore funds as a vice president. She began her career at BEA Associates, a New York-based institutional investment adviser now owned by Credit Suisse.