Jonathan Medved with Jerusalem Mayor Nir Barkat at the OurCrowd Global Investor Summit in Jerusalem in December..
(photo credit: OURCROWD)
Jerusalem-based crowd-funding investment platform OurCrowd on Monday announced that it hired Anthony DeChellis, the former CEO of Private Banking Americas at Credit Suisse.
“Anthony DeChellis has joined OurCrowd because equity crowdfunding has become a major force in disrupting the future of capital markets,” said OurCrowd CEO, Jon Medved. “Crowdfunding is now competing with traditional sources of capital by delivering more efficient investment flows driven by transparent and collaborative processes.”
DeChellis, he continued, was bringing his experience with wealth management businesses at three of the world's largest banks to the company. Before Credit Suisse, DeChellis headed Private Wealth Management at UBS and Private Banking in Europe for Merrill Lynch.
The fact that the relatively young financial platform could attract talent from such a big bank, Medved said, was “indicative of how hot Israel is.”
DeChellis, who left Credit Suisse over a year ago amid a restructuring, had raised concerns over US tax evasion at Credite Suisse to investigators.
“I decided that if I was going to go back to work I’d focus on something more transformational in financial services, and I’ve been quite patient in waiting for the right opportunity,” DeChellis told the Jerusalem Post in a phone call from New York, where he has joined OurCrowd’s five-person office.
“I think it really looks forward as to how capital markets work in the future,” he continued.
The United States, he said, has only has six states with strong Venture Capital presences, and most of the major investments go to firms within a one hundred-mile radius. Crowd-funding investment platforms democratize the process, opening opportunities to entrepreneurs from more diverse geographic locations.
“There are a lot of great ideas around the world, and capital just doesn’t get to those entrepreneurs, and OurCrowd solves that problem, which is what attracted me,” he said.