Nasdaq Private Market head departs

The secondaries trading platform has lost Bill Siegel, who joined when Nasdaq acquired SecondMarket Solutions last October.

Head of Nasdaq Private Market (NPM) Bill Siegel is leaving the company.

Siegel joined from secondaries platform SecondMarket Solutions, where he had been chief executive, when Nasdaq acquired it last October.

Bill Siegel
Bill Siegel

Siegel will join security risk firm SecurityScorecard as chief financial officer and will oversee all operations, finance and people functions. He will be succeeded by Eric Folkemer, a vice-president and 12-year Nasdaq veteran, according to a spokeswoman.

Folkemer, who led Nasdaq’s acquisition of SecondMarket, reports to Nelson Griggs, executive vice-president of the firm’s listing services unit.

NPM was founded in 2013 and allows private company shareholders to sell and manage their equity. The market’s programme value rose 136 percent in the first half of 2016  to $544 million, compared with a year earlier, according to a July update.

The average valuation of companies using the platform also rose to $3.6 billion from $2.6 billion during the same period.