7. UBS shakes up execution services management team structure
People moves are always one of our biggest draws in readership, and in October, UBS’ plans to make changes within its execution services business, specifically the electronic trading area, became one of most read stories of the year.
The changes came as a result of increased operational complexity stemming from the previously reported merger of Credit Suisse by UBS, which has been documented extensively by The TRADE over the past year.
UBS agreed to take over Credit Suisse in a deal which moved forward without the approval of shareholders, under emergency ordinance issued by the Swiss Federal Council. At the time, the Swiss National Bank said that the takeover provided a solution “to secure financial stability and protect the Swiss economy in this exceptional situation”.
Following the takeover, UBS’ electronic trading responsibility was split into two distinct parts, with Chris Marsh continuing to be responsible for the electronic trading product and Mark Goodman assuming the role of head of electronic trading. Elsewhere, UBS made several other role changes, including Srichakri Adhikarapatti taking responsibility of the Central Risk Book (CRB) – a critical part of the execution services business, as well as joining the Execution Services Management Forum (ESMF). Zain Nizami, global head of cash equity trading, also joined ESMF as well as having oversight of CRB risk.
6. SIX head of equities departs for Citadel Securities
Another people move made our top 10 most read stories this year, with SIX’s head of equities, Adam Matuszewski, resigning from the exchange group after over 10 years to take up a new role at Citadel Securities.
Adam Matuszewski
Based in London, Matuszewski joined the market maker as its new head of business development for EMEA. He spent the last ten and a half years at SIX in equities focused roles, originally joining the exchange in 2013 in a trainee product management role for equities. Since his initial role, Matuszewski rose up through the ranks going on to become product manager for equities, senior product manager and finally head of the asset class.
Matuszewski filled in a gap left by Matteo Balladori, who The TRADE revealed had left Citadel after nearly six years to join Nasdaq European Markets as a senior sales director. Prior to joining Citadel Securities, Balladori served at the London Stock Exchange in its secondary market division for almost two years.
5. Northern Trust promotes from within for new head of global foreign exchange
Our fifth most read story of the year was, once again, a change in personnel. This time being the internal promotion from Northern Trust for its new head of global foreign exchange within its capital markets business.
Dane Fannin was named global head of global foreign exchange (GFX) and securities finance. In his new role, he became responsible for innovation and business growth across Northern Trust’s suite of GFX and securities finance solutions. Fannin took up the role after spending the last 17 years at Northern Trust within its capital markets business in Asia Pacific and London, most recently as its global head of securities finance. He originally joined the bank in 2006 in a securities lending role.
Northern Trust has made a string of key appointments over the last year including Guido Baltussen, who was appointed international head of quantitative strategies at Northern Trust Asset Management, a newly created role in which he oversees EMEA and APAC. In this role, Baltussen focuses on quantitative research and innovation, thought leadership, and investment strategy, leveraging his extensive factor investing expertise. Elsewhere, former Morgan Stanley and Credit Suisse alumnus, Sonia Davies, joined Northern Trust as senior vice president of Integrated Trading Solutions, the firm’s outsourced trading business. She joined Northern Trust from Software-as-a-Service provider, Enfusion, where she served as EMEA head of partnerships and alliances.
More recently, Northern Trust tapped a 22-year BlackRock alumnus to become the new president of its asset management division. Daniel Gamba joined Northern Trust Asset Management (NTAM) as president, joining the asset manager after over two decades with BlackRock, most recently as its co-head of fundamental equities.