BondDesk Group LLC gave its chairman Howard Edelstein the added role of chief executive officer today.

Edelstein replaces Kim Bang, who will leave the company.

BondDesk is simultaneously realigning its operations around two major business lines. Craig Pfeiffer, former vice chairman at Morgan Stanley Smith Barney, will lead the company’s efforts focused on the wealth management community. BondDesk also recently hired John Bagley, a veteran UBS trader, to direct the company’s capital markets/Alternative Trading System business.

Edelstein helped create Omgeo, now the industry standard global utility for post-trade processing, according to BondDesk. Later, as leader of Radianz he got the financial industry to embrace cloud-based services.

Edelstein has been the recipient of several “Industry Top 10 Innovator Awards” and in 2010 Asset International named him one of the “legends” in the financial services industry over the past 20 years, according to BondDesk.

“Howard Edelstein has been chairman of BondDesk for more than two years and has a great understanding of BondDesk’s clients and their clients,” said BondDesk director Chris Egan.

“I am very excited about the opportunity to lead this company at a time of tremendous change and innovation in its sector,” Edelstein said. “BondDesk has all the ingredients required to drive an industry transformation: a strong, experienced leadership team, disruptive technology, and a commanding market position in a business – bond trading – that is ripe for change.”

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