Richard Ness has over 25 years experience building, managing and streamlining businesses in North America and Europe. Rick is renowned for his expertise in creating operational and cost efficiencies as well as significant revenue growth in his various mandates. He is currently engaged in the oversight of several Tactico affiliates. Formerly, Mr. Ness was President of Fidelity Clearing Canada (“FCC”), where as part of a Tactico mandate, he led the start up of the firm, including the establishment of all operations and initial client acquisitions. Founded in 2009, FCC has become one of Canada’s leading institutional financial services firms.
Prior to FCC, Mr. Ness was President of Embanet ULC, an E-learning company. In 2007, Embanet was acquired by two of the world’s most successful private equity firms. Tactico was engaged to manage the transition in ownership and prepare the company for significant growth. Embanet grew to a market leading position and was acquired by Pearson PLC, a worldwide leader in education and publishing.
Prior to Embanet ULC, Mr. Ness was president and CEO of Penson Financial Services Canada Inc. (“Penson Canada”). Founded in 1999, Penson Canada grew to become the top independent institutional services firm in Canada by 2006. While with Penson Canada, Mr. Ness was also instrumental in turning Penson Financial Services Ltd. around between 2005 and 2006, where he led the firm from chronic losses to profitability.
Mr. Ness is a member of the Young Presidents’ Organization (YPO) and a fellow of the Dobson Centre for Entrepreneurial Studies at McGill University. He previously served on the Quebec regional board of the Investment Industry Regulatory Organization of Canada (IIROC), the Investment Industry Association of Canada (IIAC), and the Advisory Board of the Faculty of Management of McGill University.
Liam Cheung is CEO, CCO and senior portfolio manager at Tactex Asset Management. Dr. Cheung has over 25 years of hands-on expertise in the financial services and technology sectors. He has held senior and executive positions relating to strategy, technology and operations for brokerage and trading businesses throughout North America, Asia and Europe. Dr. Cheung is the founder of Tactico Inc., the parent company of Tactex Asset Management, where he successfully executed numerous mandates for clients including Fidelity Clearing Canada, Omega ATS, Pointus Trading, Verticlear and JitneyTrade.
Prior to founding Tactico, Dr. Cheung was instrumental in successfully establishing new businesses, divisions and/or initiatives for several brokerage and trading technology companies, including an execution routing technology firm, a direct market access division for global equity, options, foreign exchange and fixed income trading, an automated algorithmic trading technologies division, a hedge fund infrastructure firm that included trading and capital introduction, and the implementation of a representative office in Asia.
Dr. Cheung is an associate of the Society of Actuaries and holds the chartered financial analyst designation. He additionally holds a Ph.D in Economics from McGill University, where he is a part-time lecturer, as well as a M.Sc in Management and a BMath.