A veteran of the finance industry, David Puth assumed the role of chief executive officer for CLS Group Holdings AG in August 2012. In this position, David Puth has worked to ensure the resiliency of CLS as it fulfills its fundamental role in the foreign exchange (FX) market. The company has continuously demonstrated its ability to settle FX transactions on time—for example, during the May 2010 flash crash. Even during Hurricane Sandy, the company did not miss a single payment instruction, due to redundancies built into its system that allow operations on two continents simultaneously. Although the storm displaced the entire New York CLS office, the company continued to function without interruption.
After Hurricane Sandy, CLS divided employees among eight locations in New York and New Jersey and gradually consolidated the remote offices until the company’s return to Lower Manhattan in mid-December. Through creative technological solutions, CLS employees seamlessly operated business from multiple sites.
In August 2012, David Puth assumed the role of chief executive officer for CLS Group Holdings AG. He formerly worked at State Street Corporation in Boston, where he served as head of global markets.
The majority of today’s over-the-counter (OTC) credit derivative transactions use Deriv/SERV to match and confirm them efficiently. Payments, however, generally come through in a fragmented manner due to a lack of integrated global payment processing options. CLS aims to address this issue through a direct link with The Depository Trust & Clearing Corporation Deriv/SERV’s Trade Information Warehouse.
When the warehouse centralizes updated information about a particular derivatives contract, it links the data to an electronic settlement process through CLS, which allows for automatic payment. Clients thus enjoy accurate and complete payment processing without uncertainty, as the system eliminates the need for bilateral settlement.
After the warehouse generates and sends payment instructions to CLS, the company notifies the involved parties, who subsequently process settlement through CLS’ multilateral, netted infrastructure. The system currently accepts payments in nine currencies.
An accomplished financial professional with many years of experience in investment banking sales and trading businesses, David Puth holds a seat on the board of the Robin Hood Foundation. Following the strategic guidance of industry leaders such as David Puth, the foundation works to combat poverty in New York City. In particular, the organization identifies and funds programs that have effectively helped the city’s low-income communities.
To accomplish its mission, the Robin Hood Foundation provides management assistance to help partner organizations maximize the value of the funds they distribute. In addition to providing direct advice to nonprofit managers, the foundation frequently places experienced professionals on the boards of grant recipients. It has also helped organizations with financial reporting systems, recruitment of personnel to facilitate expansion, and has guided organizations in need of legal advice.
To learn more about the management assistance services provided by the foundation, visit the official website at robinhood.org.
A prominent financial executive and current chief executive officer of CLS Group Holdings AG in New York City, David Puth received a bachelor of arts in political science from Tufts University. Today, David Puth serves as a co-founder and board member of the Institute for Global Leadership (IGL) at Tufts. Dedicated to cultivating the next generation of world leaders, the IGL equips students with the knowledge and skills necessary to understand complex global issues.
Through its Institute Scholars and Practitioners in Residence (INSPIRE) program, the IGL brings together prominent scholars and professionals to deliver lectures and advise students in areas such as research and career development. The IGL also sponsors social entrepreneurship programs, including the Empower Program, which provides valuable guidance for aspiring entrepreneurs and places a particular focus on poverty alleviation.
To learn more about the programs available at the Institute for Global Leadership at Tufts University, visit tuftsgloballeadership.org.
A former Boston resident who is active in philanthropic causes and current chief executive officer of CLS Group Holdings AG in New York City, David Puth serves on the board of the Institute of Contemporary Art (ICA) in Boston. The oldest contemporary art museum in the United States, the ICA draws upon the leadership of David Puth and his fellow board members to offer a wide range of film, theater, music, dance, and lecture programs.
Among the performances on the ICA’s 2013 calendar is Miriam, a dance production choreographed by Nora Chipaumire. In the production, Chipaumire depicts her journey out of her native country Zimbabwe through hallucinatory, dreamlike imagery that speaks to the struggles of African women against cultural stereotypes.
The ICA also brings critically acclaimed films to audiences, and in 2013 it organized viewings of some of the most heralded short films from 2012, many of which received Academy Award nominations, such as Fresh Guacamole, Head Over Heels, Curfew, Henry, Redemption, Open Heart, and Inocente.
To learn more about the Institute of Contemporary Art, visit icaboston.org.
Since 2006, Boston’s Institute of Contemporary Art (ICA) has greatly expanded its focus on teenagers and has worked with more than 7,000 youth through special events and programs. The Institute’s after-school youth program recently received the National Arts and Humanities Youth Program Award from First Lady Michelle Obama, who noted the importance of art in shaping children’s characters and teaching valuable skills.
Out of 350 applications from across the United States, only 12 were selected for the award, which is the highest honor an American after-school program can receive. The award recognizes community-based humanities and arts programs that are changing the lives of teenagers by helping them earn higher grades in school, learn life skills, and develop healthy relationships with adults and other youth. Romario Accime, a member of the ICA Teen Arts Council and a high school student, accepted the award for ICA at the ceremony at the White House.
About David Puth: A board member of the Institute of Contemporary Art, David Puth has a long history of involvement with non-profit groups. He is also the CEO of CLS Group Holdings.
Long involved in non-profit endeavors in New York and Boston, David Puth has served as a board member of the Robin Hood Foundation since 1998. In that time, Puth has worked to advance the initiatives of the group, one of the world’s largest poverty-fighting organizations. After providing more than $45 million in grants to organizations that offered assistance during the immediate aftermath of Hurricane Sandy, the Robin Hood Foundation now is entering the second phase of its hurricane recovery assistance by providing grants to organizations and businesses that are rebuilding hurricane-damaged locations.
Several initiatives funded by Robin Hood grants have already been announced. New York City Mayor Michael Bloomberg unveiled a new program in January to help property owners deal with mold and water damage caused by the storm. Included in the plan is a $15 million program funded in part by the Robin Hood Foundation that will remove mold at no cost from 2,000 houses in hard-hit communities. A $10,000 grant from the Robin Hood Foundation recently helped fund the restoration and refurbishing of a thrift store in Long Branch, New Jersey, that provides revenue for the non-profit organization Family & Children’s Services.