The new buy-side trading relationship specifically concerns a division of Goldman Sachs Asset Management’s EMEA business, The TRADE understands. 

As part of the agreement, BNY Mellon is delivering global trade execution services in EMEA, the US and APAC markets across fixed income, FX, derivatives and ETFs.  

BNY Mellon’s buy-side trading solutions business was launched last year, providing a flexible solution. As the firm explained, “outsourced trading does not have to be a one-sized fits all approach, it can be customised to meet your needs”. 

Currently, the offering includes a ‘partial outsourcing’ offering wherein a supplemental service is offered, as well as ‘full outsourcing’ where the firm assumes the responsibilities of the trading desk. It supports institutional clients with global multi-asset trade execution services across over 100 countries. 

Read more: The Outsourced Trading Handbook 2023

“BNY Mellon is proud to support Goldman Sachs Asset Management’s sophisticated trading needs as they grow their world class investment platform,” said the firm in an official statement. 

Outsourced trading is a trend which continues to be on the rise, whether full outsourcing or a supplement to the trading desk, more factors are pushing firms towards the service.

The attention has been increasingly turning to larger managers and while for the C-suite it might be an obvious economic decision, for many on the trading desk the topic continues to be a somewhat contentious one.

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He most recently served as global head of ETF product, having initially joined Goldman Sachs Asset Management back in 2017 to build out the US fund strategist model portfolio business.

O’Connor has also previously held senior positions at State Street Global Advisors during his ten-year tenure, where his responsibilities included leading “a diverse cohort of product and capital markets teams for the SPDR ETF franchise”.

New-York based Global X ETFs – part of Mirae Asset Financial Group – launched back in 2009, and has since established its expertise in thematic investing and alternative income strategies.

Currently, the business has more than 80 ETFs, including across: thematic growth, income, risk management, international access and commodities. 

According to Global X ETFs, in his new role, O’Connor will both lead the firm’s growth strategy as well as reinvigorate its product suite.

“Now is the right time to bring in new leadership. Ryan has a notable track record of driving growth across the ETF value chain for the world’s largest asset managers. He is eager to bring his ETF industry experience and strategic, growth-oriented mindset to Global X, and we are excited to have him on board to help take the business to its next level,” said Hyeon-Joo Park, founder and global strategy officer at Mirae Asset Financial Group.

He added: “[…] It’s our desire to take Global X from a rising star to a clear-cut leader in the ETF industry. Over the past few months, we’ve kicked off a journey to strategically reposition the firm in order to jumpstart momentum and accelerate the business. By doing so, Global X has renewed agility, a re-focus on its core competencies and a clear emphasis on its client base.”

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Euronext alumnus Kevin Wolf left the firm after five years serving in various executive positions including as chief executive of its FX division. Wolf originally joined Euronext in 2017 as head of fixed income, currencies and credit (FICC) for the US, later assuming his most recent role as chief executive of Euronext FX in 2018. Previously in his career he spent nearly six years at ErisX as head of its New York office and as chief business and product development officer and four years at Bank of America Merrill Lynch as a managing director in global capital markets. Wolf’s next opportunity has not been disclosed.

Kepler Cheuvreux appointed former Mirabaud Securities pan-European equities trading specialist, Robert Bishop, to join its execution equity trading team in London. He joined Kepler from Mirabaud as a small to mid-cap Scandinavian equity trader based in London. Bishop has an extensive backlog of experience in equity trading, having previously spent six years at JP Morgan, over 10 years at Redburn and a year at Forte Securities and Mirabaud Securities collectively.

Goldman Sachs’ former head of smart order routing and principal liquidity product, Magnus Hedin, was appointed as chief product officer at FinTech, Sequitor. Prior to joining Goldman in 2017, Hedin spent a year and a half at Itiviti AB in a market structure strategy role, nine months as head of development for Nasdaq and six and a half years at financial services group SEB as a product manager for electronic trading responsible for its execution strategy. Previously in his career he also served in several other FinTech focused roles across Cinnober Financial Technology, OM Technology, Netgiro Systems and Information Builders.

Instinet’s chief executive officer for Asia, Stuart Knowling, left the firm after serving in the position for the last five years. Knowling originally joined Instinet in 2010, serving as managing director and chief operating officer, Asia, for just over seven years. Prior to that, he served as country head of Instinet Australia and also spent six years at Deutsche Bank as operations manager and, subsequently, global smartsource executive. Knowling has not yet revealed where he will be moving to next.

Liquidinet’s global head of equities, Rob Laible, left the firm after serving in his most recent role for a year and a half. Laible spent that last eight years at Liquidnet in a variety of senior positions including chief operating officer, global head of equity strategy, operations and risk, global head of equity strategy and global head of execution and quantitative services. Before joining Liquidnet, Laible was division director at Macquarie Group, where he served as head of program trading and electronic execution for Asia. Laible has stated that he is currently on garden leave and has not yet revealed where he will be moving to next.

Former global head of business development at Citadel Securities, Jamil Nazarali, was appointed as chief executive officer at EDX Markets. Nazarali spent the last 11 years at Citadel Securities, initially joining as senior advisor to the company’s chief executive in 2011. He later took on the role of global head of business development, operating in the role for the last four years. Prior to that, he spent 11 years at Knight Equity Markets, most recently serving as senior managing director and head of the electronic trading group.

Hedge fund Millennium poached Goldman Sachs’ head of execution services for EMEA, Danny Mallinson, to become its next head of trading. Mallinson has been tapped to replace retiring head of trading at Millennium, Tom Ungi, after spending the last 14 years at Goldman. Ungi had been serving as the hedge fund’s head of execution services for EMEA since 2013, originally joining the firm in 2006 as its head of trading.

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According to an update on his social media, Brendan McCarthy has returned to Goldman after spending the last six years as BlackRock’s head of US iShares markets and investments client engagement group. He re-joins Goldman as managing director and head of ETF specialists and capital markets.

Prior to joining BlackRock in 2016, McCarthy spent 15 years with Goldman in various equities focused roles responsible for portfolio sales and trading in the US, Asia and Pan-Asia.

He began his career in 1997 as an FX trader at Sumitomo Mitsui Banking Corporation.

Goldman Sachs declined to comment on his re-appointment.

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Goldman Sachs Asset Management has launched three smart beta ETFs to access the Swiss market, with Flow Traders acting as the market maker and providing liquidity.

The ETFs aim to provide retail and institutional investors with opportunities to diversify portfolios with US, Chinese and emerging market underlying assets.

“Our clients are demanding more choice in their portfolios and we are excited to complement our existing fund range with ETFs that we believe can help simplify portfolio construction and contribute to superior risk-adjusted returns,” said Pascal Mischler, head of Goldman Sachs Asset Management’s client business in Switzerland. “The funds will be relevant to both retail and institutional clients. This is a significant addition to our Swiss product offering and we are tremendously excited to enter the fast-growing European ETF market.”

SIX added that with its products on the Swiss Stock Exchange, investors gain a factor-based investment approach to emerging market equities, including high-capitalisation US equities and government bonds issued in mainland China.

In the third quarter this year, SIX saw trading turnover for ETFs reach CHF 40.5 billion, with a record CHF 28.9 billion turnover in equity developed markets, higher than the total exchange’s total ETF turnover in the second quarter. SIX also saw a new record in May this year with 1,500 ETFs listed on the exchange, making it one of the top three ETF venues in Europe.

“That SIX is now one of the top ETF listing destinations in Europe and a global leader in its own right is testament to the exchange’s innovation, commitment and expertise,” Christian Reuss, head of sales for securities and exchanges at SIX Group, said at the time. “The 1,500 listed ETFs at SIX mark another milestone in the almost 20-year success story of this segment. We would like to express our sincere thanks to our clients – product providers, market makers and investors.”

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According to an internal memo seen by The TRADE, Peter Thompson has been hired as a managing director and head of Goldman Sachs Asset Management’s European ETF business in London.

Thompson rejoins the firm from Source ETF, which was acquired by Invesco in 2017 to sit alongside its PowerShares business, where he was formerly interim chief executive and founder. Prior to that, Thompson spent almost 15 years in various trading roles within Goldman Sachs Securities Division in derivatives and equity trading in Europe, Japan and the US.

“We see strong demand in this category and are excited to bring an innovative and cost-efficient suite of products to European clients,” said Nick Phillips, head of international retail client business for Goldman Sachs Asset Management.

“This offering will complement our global, broad and deep expertise across asset classes and builds on the success of our fast growing US ETF business. Peter brings decades of experience and has been a pioneer in the European ETF market.”

Goldman Sachs first launched its US ETFs business in 2015 and it currently has over $8 billion in assets under management.

The decision to enter the ETF space in Europe has been driven by client demand, Goldman Sachs said, and it expects to offer similar strategies to the US ETFs, but products will be tailored to European investors‘ needs.

Thompson will be based in London and he will report to Michael Crinieri, global head of the Goldman Sachs Asset Management ETF business.

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Launched by Droit Financial Technologies, the upgraded ADEPT service offers a digital version of MiFID II law and provides users with instant verification and specific source text for real-time decision making.

The platform aims to ensure regulatory compliance with every transaction by producing automated trading decisions, with analysis to decipher whether clients are up to date with regulations across their counterparties and geographies.

BNP Paribas, the corporate and investment banking arm of Credit Agricole, Goldman Sachs’ broker-dealer and asset management businesses, and UBS are among the firms that have adopted the platform.

“Droit’s ADEPT product is a central part of our eligibility architecture for MiFID II for both our broker/dealer and GSAM businesses, across a range of obligations,” said Jo Hannaford, managing director, technology division at Goldman Sachs.

“Droit’s innovative approach to the digitisation of regulation and eligibility, and the evolution of their ADEPT product fits well with our overall strategy.”

MiFID II is the latest regulation implemented in ADEPT which has been live since March 2014, alongside all G20 regulatory regimes, global CCPs and executions.

“Digitisation is much more than an exercise in tagging data; it’s the complete analytic structuring of one of the financial markets’ largest ever pieces of legislation,” added Satya Pemmaraju, CEO of Droit.

“Droit provides the full stack, starting with digitising the actual legal texts into an open, standard, machine-readable format through to standard executable implementations within real-time systems. As regulations live and breathe, so our clients’ implementations and legal sources evolve in synchronicity.”

In 2016, Goldman Sachs, Wells Fargo and prop trading firm DRW led a $16 million investment in Droit Financial Technologies. The funding was used to support the expansion of its global operations, sale and marketing teams, and the opening of a new office in Singapore.

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Tom Stevenson, equity trader, Fidelity International

Tom Stevenson was described by his peers as “ahead of the pack” and an “amazing dealer”.  Having joined Fidelity in 2006, he quickly assumed responsibilities for trading the basic resources and TMT sectors. He began his career in 2004 as a portfolio manager for Barclays Wealth, and shortly after joined UBS as a collateral manager.  His role now involves maintaining strong relationships with specialist sales, traders and sales traders across the globe

Matt Wood, head of trading and research technology, Man GLG Partners

Matt Wood has applied his expertise in IT technology to GLG Partner’s trading team since 2010. After becoming part of Man Group later that year, Wood continued as a risk developer and in 2014 was name head of trading and research technology in London.

Lindsey Read, equity trader, Goldman Sachs Asset Management

Lindsey Read did not begin her career in trading until three years after joining Goldman Sachs Asset Management in 2003. She started within GSAM’s operations team in London, and then to portfolio construction in 2006. Soon after she moved to the trading desk as a junior equity trader, and 11 years later, has gained experience trading on behalf of fundamental and quantitative strategies. In September 2017 Read relocated to New York to become part of the central trading desk, covering a variety of products and investment management teams.

Tom Johnston, head of trading operations, GSA Capital

Tom Johnston has led the trading operations at GSA Capital, an absolute return quantitative investment manager with assets under management of more than $7 billion, for over two years. Initially joining as an operational analyst in 2011, he moved over to its trading operations business in 2012. Graduating with a first in international finance and capital markets from the University of Brighton, Johnston also holds a CFA Level 2 in investment practice.

David Ketley, head of dealing, Harmonic Capital

After joining Harmonic Capital, a $1.6 billion macro hedge fund, ten years ago as a senior FX and futures dealer, David Ketley has worked his way up the trading ladder to become head of dealing. He is responsible for all aspects of trade execution, as well as driving the overall strategy of the desk, including counterparty and venue selection, trade style, and pre/post-trade analysis. Ketley is also a leading figure within Harmonic’s MiFID II working group. 

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