Tricia Rothschild is out at Apex in run-up to $4.7 billion IPO as an ex-Goldman exec assumes her day-to-day role and two ringers fill big jobs


The ex-Morningstar executive leaves the position of president after a year as former Google and ex-Nasdaq talents join new CTO and CMO positions.

Tricia Rothschild, president of Apex Clearing, is out with the Dallas firm, and two wrestlers come on board shortly before an alleged nearly $ 5 billion initial public offering.

The ex-Morningstar executive succeeds RIA boss Tom Valverde, who left the company in February.

She took over Valverde’s duties at the same time the company announced plans to go public. Apex discontinued Rothschild in July 2020. See: Tom Valverde is at Apex and is leaving Tricia Rothschild in charge of the RIA for the time being

Tricia Rothschild resigns after a year as president and RIA chief.

Rothschild, in his early 50s, is handing over her duties to Apex’s Chief Administrative Officer, William Brennan, whose responsibilities will change radically.

Today he is responsible for Operations, Risk, Sales, Client Services, Legal, Compliance and Human Resources. Brennan, attorney and chartered accountant, joined Apex in 2016.

Prior to joining Apex, Brennan was Co-Head of Clearing at Goldman Sachs and built its international clearing platform.

Andy Lientz and Lindsey Becker will join this month as Chief Technology Officer and Chief Marketing Officer respectively.

Lientz has held executive positions at Google, Microsoft and Smartsheet. Becker was Vice President of Marketing at Nasdaq,

“We continue to lay the foundation for long-term success,” said Apex CEO William Capuzzi. “We thank Tricia for her contributions to Apex and wish her all the best.”

In its boilerplate description in the Release subsection, it uses an exuberance without a boilerplate to describe its mission.

“Our solution suite creates an environment in which companies with the greatest ideas in fintech can change the world. If you have the courage to dream, we have the courage to help you make those dreams come true. “


Apex became highly profitable during Rothschild’s tenure. Revenue reached approximately $ 236 million and cash flow reached $ 86 million for fiscal 2020.

Rothschild has not yet responded to a LinkedIn request and it was not quoted in the press release announcing its exit.

Both Rothschild and Valverde were discontinued because of their connections and experience in the classic RIA ecosystem. However, Apex has continued to show hypergrowth beyond RIAs.

Customers opened more than 1 million crypto accounts in 2021, and the company managed a total of 13 million investor accounts.

Apex announced its IPO plans in February through a merger with Northern Star Investment Corp. (NYSE: NSTB), a publicly traded special purpose vehicle (SPAC). It will gain $ 850 million in liquidity by selling a 17% stake at a valuation of $ 4.7 billion.

At the time, the company announced that it held $ 92 billion in customer assets under custody, up from $ 30 billion in late 2017. The increase was driven by more than 200 companies using it as a clearinghouse, custodian, or both.

Prior to joining Apex, Rothschild was Chief Product Officer and Head of the Global Markets Division at Morningstar, based in Chicago, a role where she was in regular contact with RIAs about the company’s software, data, research and wealth management products .

During her 26 years at Morningstar, she also built the outsourcer’s emerging equity research business into an international corporation – an accomplishment she would like to repeat at Apex.

She left Morningstar in an argument with the company that resulted in a far-reaching separation agreement in which she pledged not to raise allegations of age discrimination or civil rights violations.