Workflow provider says emergent comms protocols give it a competitive edge. Technology aggregator Octavian, which enables data aggregation and workflow-management for separately managed account (SMA) manufacturers and distributors with links to the Depository Trust and Clearing Corporation's (DTCC) Managed Accounts Service, has made James Penman its chief technology officer.

He comes to Boston-based Octavian from Bank of America, where he was "lead technical architect" for the bank's SMA mutual-fund wrap platforms. Before that he was a v.p. of brokerage technology at Wachovia Securities.

Preparatory phase

"Jim's expertise will allow us to accelerate the growth of our products and expand the range of services offered to our customers," says Moshe Barnes, founder and executive v.p. of Octavian. "We look forward to taking full advantage of [his] expertise."

Penman is a member of the Money Management Institute's (MMI) Operations and Communications Standards Committee, an SMA-industry liaison with the DTCC. The MMI and the DTCC have been working to standardize communication protocols between SMA makers and sellers for the past three or four years.

Penman says that Octavian's connection to these emergent communication standards positions it to help SMA managers and intermediaries "industry reach new levels of productivity, consistency and quality."

Barnes agrees, adding that Penman's "appointment comes at a time of increasing market traction for Octavian."

So far, however, Octavian is talking more about having increased its platform capabilities and raised venture funding than signing up clients. -FWR

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