Tue, 12/06/2018 - 10:48
Lovell Minnick Partners, a private equity firm specialising in financial and related business services companies, has appointed Joan Binstock as a Senior Advisor to the firm.
Binstock is a senior financial services executive with a strong track record of aligning operational and financial infrastructure, corporate governance and fiduciary oversight. She spent the majority of her career at Lord, Abbett & Co, serving as Partner, Chief Operations Officer, Chief Financial Officer and chair of its audit committee over nearly two decades.
Most recently at Lord, Abbett & Co. as a member of its executive team Binstock played a leading role in key strategic directives such as broader product development, global distribution initiatives and rigorous risk management practices across the firm. During her tenure as COO and CFO, she assisted with expanding the firm’s business into foreign markets and worked to successfully transform Lord, Abbett & Co from being a US-focused financial institution managing USD30 billion in assets to a global ﬁrm with USD160 billion in assets under management.
“Joan Binstock is a highly accomplished financial executive who has demonstrated visionary leadership and proven business building acumen throughout her career as a senior executive in the financial services industry,” said Steven Pierson, Managing Partner at Lovell Minnick Partners. “Her experience and proven operational skills, along with a deep understanding of governance and risk management, are well aligned with supporting LMP’s portfolio companies and investment activities in the Americas and Europe.”
Binstock’s responsibilities will include assisting LMP with campaign work and new deal flow, implementing operational improvements across the firm’s portfolio, due diligence and portfolio company board representation.
“The addition of proven executives like Joan to our Senior Advisor team reflects the long-term commitment our senior leadership team has demonstrated to strengthening LMP’s organisational resources,” says James Minnick, Co-Chairman of Lovell Minnick Partners. “We are pleased to have Joan join us, and look forward to benefitting from her exceptional track record in managing fiscal policy, driving strategic initiatives, and experience in developing third party outsourcing relationships.”
“I’m excited about the opportunity to work with LMP and support their collaborative partnerships with dynamic, growing middle market businesses as the firm continues to build long term value for its portfolio companies and investors,” says Binstock. “The firm’s reputation for unlocking value, improving performance and generating sustained returns in financial services and related business services companies is unmatched.”
While serving as the CFO and Vice President of the Lord, Abbett Family of Mutual Funds from 1999 to 2017, Binstock managed all of its ongoing financial and operational responsibilities including oversight of all fund vendors, compliance, due diligence and related activities. Prior to Lord, Abbett, Binstock was COO of Morgan Grenfell Asset Management where she managed its U.S. and cross border growth initiatives, M&A activity, new product development, regulatory oversight, operations and trading-related infrastructure.
Binstock holds a board role on SimCorp, an investment management solutions technology company, serves on the board of the Bronx High School of Science Alumni Foundation, and is a member of the National Association of Corporate Directors. She is a board member and governance committee chair of the Greyston Foundation, which supports low income individuals and families as they forge a path to self-sufficiency and community transformation.
Binstock will join LMP’s team of four Senior Advisors, including Michael Dura, formerly an executive at National Financial Services, a Fidelity Investments company; Heinz Hockmann, a former Commerz Bank AG executive; Joseph Velli, former executive at The Bank of New York; and Alan Warrick, formerly an executive at Aegon.
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