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Meet the Executive - IPUG


Zal Spencer

IPUG Chair
Chair of Data Compliance and Audit SIG


Email: zal.spencer@ipug.org

Currently, the EMEA Head of Market Data Commercial at Nomura, Zal has been working within Market Data for over 10 years. Zal's previous roles include Market Data Application Specialist and Market Data Governance, she has a passion for governance and control of Market Data Services.

Zal joined the IPUG Executive as of November 2016 and to be appointed Treasurer for 2017. Zal promises to share her passion for Market Data and knowledge by continuing to promote the good work achieved so far by the IPUG team. When she isn't working, Zal is mum to 2 young children and 2 German Shepards.


Graham Downie

Chair of the Ratings SIG

AberdeenStandard Investments

Email: graham.downie@ipug.scot

Graham is based in Edinburgh and has worked at Standard Life Investments Limited for 10 years as their Manager of Global Information Services and Market Data. His areas of expertise include vendor management & negotiations, market data compliance and guidance, and advising on legal and commercial aspects of vendor licenses. Before 2001, Graham was Managing Director and Senior Consultant at Screen Consultants (Scotland) Limited for over two years. Prior to this, Graham worked for Bridge Information Systems as the Scottish and Irish Sales Manager. He started his career at Wood Mackenzie & Co. (Stockbrokers). Graham has been involved with IPUG for 10 years and was Chairman of the group from July 2009 to July 2011. In his spare time, he enjoys motorcycling and scuba diving.

Iman Szeto

AberdeenStandard Investments 

Email: iman.szeto@ipug.scot

Iman has been working in the Securities Industry with Global Custodian Banks and Asset Managers, notably Northern Trust, HSBC and UBS Asset Management. He specialises in Reference and Market Data Change Management and had managed Operation and Technology teams at worldwide financial centres. During the period when he was working in London, he had regularly presented Data Management topics at financial conferences to drive industry wide change. Iman chaired IPUG from July 2005 to July 2006. He gained an MBA in Finance with CASS Business School and studied Physics with Computational Mathematics in Edinburgh. He enjoys badminton and quality time with his two children.

Dharmesh Darji


 Chair of the Bloomberg SIG

Chair of the Buy-Side SIG

Hermes Investment Management

Email: dharmesh.darji@ipug.org

Dharmesh has over 15 years industry experience and specialises in delivering strategic market data business solutions. He has a consistent track record in delivering effective global strategy programs that achieve year on year reductions in market data spend. He started his career working in the public sector before moving to investment banking where he has led numerous technology and market data projects. He now manages global market data at Hermes Investment Management.

Ronald Vetter

Chair of Scottish Regional SIG

AberdeenStandard Investments

Email: ronald.vetter@ipug.scot

Ronald is Manager, Market Data Management and Governance. He is responsible for the provision and governance of Market Data from industry providers utilised by the various business areas in Standard Life Investments. He started his career with BfG Bank in 1991 and has over 20 years of experience as a Market Data and Procurement professional, managing data, cost savings and governance projects and teams in Germany, Switzerland, USA and the UK for the past two decades for companies like UBS, Bloomberg L.P and DekaBank / Deka Investments. Ronald moved from Germany to Scotland in 2014 and joined Standard Life in the same year as an Operational Data Manager and worked in that role until July 2016. Ronald now works as a Manager, Market Data Management and Governance alongside Graham Downie. He is also responsible for the implementation of the Global Data Governance Framework and is the Data Governance Manager for the Investment and Market Data domain. He joined the Exec to assist with running the Scottish Regional SIG in November 2016.

Matthew Leigh

Co-Chair of the Indices and Benchmarks SIG


Email: matthew.leigh@ipug.org

Matthew is the Head of Market Data for Lloyds Banking Group. His Market Data career spans 20 years, starting with one of the main vendors and includes the financial institutions of ABN AMRO and Rabobank International before Lloyds. His Market Data experience covers the technical, commercial and compliance aspects of market data services across vendors and technologies. Matthew is interested in technology, in managing costs and in delivering effective services and is "excited to contribute to the informed and supportive community that IPUG represents". In his spare time he enjoys sailing and keeps fit cycling and running. He joined the Exec in May 2017.


How to join the IPUG Executive Committee

The Executive welcomes applications to join it from any member who believes that they can contribute expertise or skills in an area which will add value for general Membership.

Volunteers should recognise that acceptance on to the Executive Committee will entail:

  • A commitment of at least one and a half days of their time a month to dealing with IPUG issues. Your employing firm will need to recognise and support you in this.
  • A commitment to attend the monthly Executive meetings or conference calls (generally 2 hours in length)
  • Managing one of the vendor relationships and/or Special Interest Groups (SIGs) on behalf of the Membership
  • Other ad-hoc duties and tasks as assigned within an Executive meeting.