Front- and middle-office software company Iris Financial Solutions has hired an Oracle Corp. executive, Tarek El-Sadany, as chief technology officer and SVP of development, based in San Francisco. The latter title, newly created, reflects El-Sadany's expanded new-products role. "The goal is to create off-the-shelf software that reduces the time to market and cost of implementation," said El-Sadany, who as VP of global product support at Oracle oversaw a 4,000-person organization spanning 55 countries from 2003 to 2005.

He was SVP of TenFold from 1994 to 2001, spending part of that time overseeing financial subsidiaries Argenesis and Longview Group, now part of order management systems company Linedata Services.

Iris has historically focused on customized products for bulge-bracket, top-tier investment banks. But since the appointment of Michele McGovern as CEO in a 2005 restructuring, the firm has concentrated on a series of scalable multi-asset-class applications for big firms; it then expanded into mid-tier banks and fund managers, including hedge funds. Iris has 30 clients using its trading, portfolio, position management and risk management products.

Copyright 2006 Securities Industry News