NEW YORK, Feb 25 (Reuters) - Morgan Stanley has hired financial technology executive Liezel McCord to help improve the quality and management of the firm's data through a new strategy in that area, according to a memo seen by Reuters.
McCord will join the bank as a managing director in its Data Center of Excellence, a group that works with the bank's businesses to boost data innovation, security and efficiency, according to the memo which was sent out on Monday.
Based in London, McCord will help define principles and procedures for Morgan Stanley to manage its data and work on the creation and implementation a new firm-wide data policy, the memo said.
The hire comes as financial institutions of all sizes ramp up initiatives to make better use of the vast amount of data they produce and store.
Banks hope to gain greater insights from their data to make their various businesses more efficient and offer better services to clients. Data efforts have been complex because banks' information is often stored in various formats and on numerous systems, some of which may be very old.
For the past two years McCord has been an external adviser to Morgan Stanley, leading the technology side of the bank's program to prepare for Britain's planned exit from the European Union, according to the memo.
She will transition to the Data CoE at the end of the month and report to its head, Gerard Hester, according to the memo.
Prior to working as an external adviser to Morgan Stanley, McCord was chief information officer at investment administration services provider Curo Fund Services.
McCord had previously worked at Morgan Stanley and other financial firms in a variety of senior positions in technology and data. (Reporting by Anna Irrera in New York Editing by Matthew Lewis)