Oh, and forget about delegating any tasks. Drachman, you see, is EquiLend’s sole full-time employee, though he plans to hire a team.
A trading and communications platform, EquiLend is designed to streamline global equity lending by introducing this backward business to 21st-century technology. Ten big market players - among them, Morgan Stanley, State Street and UBS Warburg - are underwriting it.
Skeptics say that for all its global ambitions, EquiLend is overly dominated by U.S. firms, limiting its horizons. Drachman, however, insists that “once other firms can see the momentum behind the project, we are confident we can attract more participants.” Perhaps Drachman should add “sales and marketing” to his to-do list.
