The Federal Reserve Bank of New York has announced new senior leaders for its Markets and Financial Services Groups.
Daleep Singh has been named executive vice president and head of the Markets group; Lorie Logan has been named executive vice president and manager of the System Open Market Account (SOMA); and Christopher Armstrong has been named executive vice president and head of the Financial Services Group. Singh and Logan effectively replace Simon Potter, who stepped down as head of the Markets Group and manager of the SOMA in May.
Singh will join the New York Fed in February 2020 and be responsible for the group’s entire portfolio, with a focus on bringing together policy, strategy, analysis and operational effectiveness. As a member of the executive committee, he will also play a key role in developing and implementing the New York Fed’s strategic direction and priorities. He is currently senior partner and chief US economist at SPX Capital, a global investment firm. Previously, he worked at the US Department of the Treasury from 2011 to 2017, serving as acting assistant secretary for financial markets and deputy assistant secretary for international affairs, helping to shape the Department’s crisis response to Ukraine, Russia, Greece, and Puerto Rico.
Singh also directed the Treasury’s Markets Room, which provided real-time and thematic analysis for senior Administration officials.
“I am very excited for this opportunity to return to public service and to work with the incredibly talented team at the New York Fed,” says Singh. “The work of the Markets Group sits at the intersection of the issues that have defined my career—policy, economics and financial markets—and that I am most passionate about.”
As SOMA manager, effective January 1, 2020, Logan will be responsible for implementing monetary policy in accordance with the directives of the Federal Open Market Committee (FOMC). The New York Fed says she will continue to draw on her deep knowledge of capital markets, market operations, and related policy to provide expert analysis and advice to the FOMC.
Logan has more than 20 years of experience at the New York Fed, serving since 2014 as the deputy SOMA manager, in which role she helped to develop the Federal Reserve’s policy normalisation tools, including the establishment of the overnight reverse repo facility, and the long-run monetary policy implementation framework. She also played a prominent role in the development and implementation of the Federal Reserve’s crisis-era policies to mitigate systemic risks to the financial system, the central bank says.
“I look forward to serving in this role and continuing to work with my remarkable team and colleagues throughout the Federal Reserve System to carry out the important responsibilities to manage the System’s portfolio, implement monetary policy, and prepare for future policy directives. It is an honour to be entrusted with this work,” says. Logan.
Armstrong, meanwhile, will take up his role as head of the Financial Services Group, effective January 1 2020, and will be responsible for the suite of products offered by the wholesale product office, which manages the Fedwire Funds Service, the Fedwire Securities Service, and the National Settlement Service on behalf of the Federal Reserve System. He will also be responsible for the New York Fed’s cash operations, and serve on the bank’s executive committee.
Armstrong, who is replacing Richard Dzina, who also stepped down in May, joined the New York Fed more than 10 years ago as part of the cash and custody services team within the Financial Services Group, drawing on broad industry experience and an education in mechanical engineering to help transform financial services in the bank. Prior to joining the New York Fed Armstrong worked at Raytheon Integrated Defense Systems, where he held several management roles.
“I am excited and deeply honoured to lead the important work the Financial Services Group does for the people we serve,” Armstrong says. “Every day, this dedicated team is doing critically important work for the sound functioning of the global financial system. I look forward to helping the team build upon our strong foundation to keep pace with the dynamic payments and technology environment in which we operate.”
New York Fed president and CEO, John Williams, adds, “After an extensive and thorough search, we selected three great leaders to head these mission-critical functions. While quite distinct in their experience and backgrounds, the three share several essential attributes. In addition to unmatched expertise and knowledge, they are visionary and collaborative leaders who have track records of inspiring, supporting and developing outstanding teams.
“I have had the pleasure of working with Lorie and Chris for some time, and am deeply impressed with their professionalism and leadership,” he continues. “Chris stepped in as interim head of the group and quickly gained the respect of his colleagues within the New York Fed and across the system. Lorie, in her role as SOMA manager pro tem, was steadfast during the recent period of volatility in the repo market, helping the FOMC develop and execute a highly effective plan of action. Daleep has a clear dedication to public service, a record of success, and proven leadership skills, which make him the ideal candidate for this role. I look forward to working with all three in their new roles.”