MONEY.NET Names Morgan Downey as New CEO
NEW YORK, Feb. 5, 2014 /PRNewswire/ -- Money.Net, the real-time market information platform for investors, today announced the appointment of Morgan Downey as Chief Executive Officer. In this role, he will assume overall responsibility for Money.Net, including all lines of business and all functional groups within the Company.
In his nearly 20 years in financial markets, Morgan Downey has held a variety of leadership positions. Prior to Money.Net, Downey was Global Head of commodities at Bloomberg LP for several years. In this capacity, Downey managed development and content of the Bloomberg Professional terminal. Before Bloomberg, Morgan spent 15 years running trading desks for banks, including Citibank, Bank of America and Standard Chartered, in the US, UK, Australia, and Singapore. Morgan is also the author of the 2009 book 'Oil 101', a bestseller explaining the oil industry.
"I am honored to have been chosen to lead Money.Net." said Morgan Downey. "Money.Net's focus on execution makes it the perfect base to use as a springboard from which to rapidly build out an advanced, ultra-low price product that addresses a large unserved market. Expectations of over 30 million investors in the US, and many others around the world, have increased and they have not been offered a solution."
"The lines have blurred between the needs of affluent retail investors and institutional professional traders. There is nothing out there. There are a lot of mediocre, partial, and expensive solutions. This is a market long overdue for disruption." said Downey. "Disruption is possible now as the cost of delivering an experience which wows customers has fallen so dramatically."
Founder and prior Money.Net CEO Harold Louis ("HL") Van Arnem will assume the role of Executive Chairman, and will continue with the firm to help guide development of new technology and Money.Net's long-term opportunities.
"We want to thank HL for his leadership and strategic vision." said Downey. "His innovations include being the first to provide streaming real-time quotes to investors over the internet at an affordable price. He has guided Money.Net through extraordinary growth and change during his tenure as CEO."
In his role as Executive Chairman, Van Arnem will remain an employee of the Company and will help guide its future strategies and direction. "At its heart, Money.Net is a company of inventors and entrepreneurs and I'm excited by the opportunities that lay ahead as we continue to push the boundaries of technology in finance" Van Arnem said. "I want to congratulate Morgan on his new role. I have the utmost confidence in him and in the rest of the team."
About Money.Net Inc.:
Real time markets for investors. Money.Net offers the only complete market data platform providing live real time, professional grade market information to investors and traders at the low rate of just $50 per month. Money.Net leveled the playing field for the retail investor by introducing the first online streaming real time portfolio tracker. This was the first time individual investors could access streaming real time market information over the internet. Today, Money.Net is the base from which we are launching a disruptive financial information platform - advanced, yet simple to use, with a rich, deep, content and feature set, at an ultra-low price. Money.Net is a privately held company based in New York City.
SOURCE Money.Net Inc.