Ninety One trader Tom Nickalls is set to leave the asset manager after 11 years to join Morgan Stanley. According to an update on social media, Nickalls will join the sell-side next month in an emerging markets credit role. He joined Ninety One in 2013 as a client operations analyst, moving into a portfolio implementation role in 2015 and taking up his current role as fixed income trader in 2018. He was recognised as a Rising Star of Trading and Execution at Leaders in Trading in 2021.

Robert Whelan joined Citadel as equity trader following almost eight years at Pictet Asset Management. Whelan joined Pictet AM as an equity trader back in 2016. Prior to that, he worked at Morgan Stanley, initially joining as an electronic trading associate before going on to a role as equity sales trader. Whelan will act as an execution trader on behalf of the desk and his role is non-risk taking, The TRADE understands.

Lara Jacobs was appointed vice president – equities electronic trading coverage at JP Morgan following six years with Liquidnet. She most recently served as head of international client trading, EMEA. Prior to this, she worked as a market structure and strategy analyst before moving onto a role as equity trader. Before her stint with Liquidnet, London-based Jacobs worked on the debt restructuring team for fixed income at M&G Investments.

Outset Global appointed William Bradley managing director within its London office. Bradley brings considerable experience in the equity sales and trading space to the role, joining from Goldman Sachs where he served as vice president on the cross-asset sales desk in New York. Before joining Goldman Sachs, Bradley served as assistant vice president at Barclays on the equities liquid markets sales trading desk.

Bill Spencer was appointed head of client solutions at MarketAxess following five years at UBS Asset Management, most recently as executive director, multi asset centralised trading. The role is newly created, with Spencer set to hold responsibility for buy-side experience within MarketAxess’ trading system. Whilst at UBS, he worked as a senior trader on the US fixed income desk, as well as working on the daily trading of cash rates, credit, ETFs, and municipal bonds. He also lent his expertise to the trading of credit derivatives and listed futures and options. New-York based Spencer also previously held ETF-related positions at: REX Shares, Gelber Group LLC, and Chicago Trading Company.

Chris Robinson was appointed multi-asset trader at Liquidnet, joining from Louis Capital Markets where he worked for almost 13 years. He most recently served as a EMEA and US equity sales and execution trader. Prior to this he worked in equity derivatives for six and a half years, focused on Eurostoxx and sectoral indices. London-based Robinson has also previously served in a pension execution role at BDO UK LLP.

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Bradley brings considerable experience in the equity sales and trading space to the role, joining from Goldman Sachs where he served as vice president on the cross-asset sales desk in New York.

While at Goldman Sachs, Bradley covered more than 80 institutional clients, trading a range of financial instruments including cash equities, equity derivatives and synthetics.

Before joining Goldman Sachs, Bradley served as assistant vice president at Barclays on the equities liquid markets sales trading desk.

As part of the role, he managed relationships with 50 institutional clients worldwide, facilitated order flows in a range of equity products, and provided research and technical analysis.

Read more: Outset Global expands outsourced trading team with former senior traders from Jefferies and Bloom Tree Partners

“[Bradley’s] extensive experience gained from top tier institutions, strategic mindset, and proven track record in the industry make him a valuable addition to our organisation,” said Raymond McGabe, chief executive at Outset Global.

“We look forward to the contributions he will make as we continue to expand and innovate in the global financial markets. Being able to attract such strong candidates like William is a testament to Outset’s reputation in the outsourced trading space.”

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Outset Global appointed two new senior traders as it looks to reinforce its position within the outsourced trading space. Abe Chappell was appointed as senior trader and managing director. He joined the firm from Jefferies, where he served as senior vice president, helping drive the growth of the firms’ outsourced trading franchise. Earlier in his career, Chappell held equities and derivatives trading roles at Buckingham Capital Management and C.E. Unterberg, Towbin Advisors. Paul Reiss also joined Outset Global as senior trader, managing director – bringing over 25 years’ buy-side experience in trading global equities. He joined from Bloom Tree Partners, where he served as head trader for eight years. Earlier in his career, Reiss held senior trading positions at Ivory Capital, Copper Beach Capital Management and Andor Capital Management.

Aquis Exchange promoted two of its long-standing employees to take up new roles as head of sales and head of liquidity and trading strategies. Pasquale Crispi was promoted to head of liquidity and trading strategies after serving at the exchange for just under 10 years as a director of sales and business development. In his new role, he will oversee the exchange’s liquidity provider relationships. Prior to joining Aquis Exchange, Crispi previously served in various sales trading and trading services roles across Instinet, AKJ, Curzon Securities and Liquidnet Europe. Alongside Crispi, Sakeena Lalljee was appointed head of sales after spending the last 10 years serving in business development roles. In her new role she will oversee the exchange’s member services. Lalljee joined Aquis Exchange in 2013 from Chi-X Europe, following a brief stint at Instinet.

Trading Technologies appointed Tomo Tokuyama to manage TT FX, its new foreign exchange business unit, with an initial focus on hiring FX industry product and technology experts, connectivity to major electronic communication networks (ECNs) and liquidity providers, alongside delivering advanced FX trading capabilities through TT’s execution management system (EMS). Tokuyama joined TT from Los Angeles-based quantitative fund First Quadrant, where he served as head of trading. Prior to that, he served at Goldman Sachs in Tokyo and Hong Kong, where he was a member of the macro asset sales team specialising in electronic FX.

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Abe Chappell has been appointed senior trader and managing director. He joins the firm from Jefferies, where he served as senior vice president, helping drive the growth of the firms’ outsourced trading franchise.

Earlier in his career, Chappell held equities and derivatives trading roles at Buckingham Capital Management and C.E. Unterberg, Towbin Advisors.

Paul Reiss also joins Outset Global as senior trader, managing director – bringing over 25 years’ buy-side experience in trading global equities.

He joins from Bloom Tree Partners, where he served as head trader for eight years.

Earlier in his career, Reiss held senior trading positions at Ivory Capital, Copper Beach Capital Management and Andor Capital Management.

“We are delighted to welcome [Chappell and Reiss] to our team,” said Raymond McCabe, chief executive of Outset Global.

“Their extensive buy-side expertise and exceptional track records in trading will be invaluable as we continue to provide our clients with the highest level of service and market-leading trading solutions.”

Chappell and Reiss’ appointments follow that of Peter Sellers, who joined the firm as managing director in its outsourced trading group last June.

Sellers was previously head of European outsourced trading at JonesTrading for nearly three years before joining Outset Global.

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Outset Global appointed Peter Sellers as a new managing director in its outsourced trading group. He joins the firm in a US-based but European focused role after most recently serving as head of European outsourced trading at JonesTrading for nearly three years. Prior to JonesTrading, Sellers spent four and a half years as head of global equity trading at Caxton Associates and two years at Adams Hill Partners as head of international trading.

The chief architect of UBS’ UK-regulated dark multilateral trading facility (MTF), Jean-Philippe Minet, left the firm after 12 years, according to a post on social media. Minet first joined in 2010 with a mandate to build and launch the firm‘s MTF, as well as to obtain the relevant regulatory approvals and to create all MTF policies, procedures and client-facing documentation. Prior to UBS, Minet spent a brief period as a monitoring consultant with Liquidnet. At the time of publication, Minet has not revealed where he will be moving to next.

State Street has moved to expand its remit in electronic equities and portfolio solutions with the addition of four new hires. Among them is a vice president of electronic equities, Eric Weiner, who joins the firm having previously served as a sales trader at Janney Montgomery Scott and Lazard Capital Markets, and as an equity trader at BTIG. Joining in an electronic equities role is Ariana Leong, who has been appointed as a product specialist after serving for two decades in a hybrid sales trading role at Instinet. Lastly, in a bid to expand its portfolio solutions remit, State Street appointed Joe Martinez and Sarah Kirschbaum as senior sales managers.

Former Morgan Stanley electronic trading executive, Olivier Masdebrieu, joined Paris-based Horizon Software to lead its technology strategy. He joins the business as the chief technology officer (CTO) from rival trading systems vendor Itiviti. Prior to joining Itiviti, Masdebrieu spent over 23 years at Morgan Stanley across various roles.

Elsewhere, Citi appointed Nadine Readie as head of Execution to Custody (E2C), EMEA, the unit which provides clients global execution, settlement and custody services through a single portal. Readie brings a wealth of experience to the role, having started her career in financial services back in 2002. She has held senior roles at UBS, Deutsche Bank and HSBC Securities, and joins the business from Liquidnet where she has served for over eight years – most recently as EMEA & APAC head of trade services (operations).

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Peter Sellers joins Outset Global in a US-based but European focused role after most recently serving as head of European outsourced trading at JonesTrading for nearly three years.

Prior to joining JonesTrading, Sellers spent four and a half years as head of global equity trading at Caxton Associates and two years at Adams Hill Partners as head of international trading.

Sellers also spent two years as head of European trading at Perry Capital London, and served as a director of capital markets execution at Cantor Fitzgerald and a US event trader at Perry Capital New York.

“Peter’s arrival is testament to the growing demand Outset continues to see from asset managers of all kinds seeking an independent trading partner with a global presence,” Outset Global’s founder Raymond McCabe told The TRADE.

There have been several major outsourced trading appointments in the last year as demand for the trend continues to increase. Most recently, the former 17-year head of trading at Bluebay Asset Management joined Cowen to expand its outsourced capabilities in fixed income.

Sellers’ appointment also follows that of Cristina Escalante, a former Goldman Sachs executive, who joined Outset’s London office in December to grow its global offering.

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Escalante will be based in Outset Global’s London office and will be responsible for growing its global offering.

She joins the outsourced trading firm after serving as an executive director at Goldman Sachs for the last 10 years, most recently in a risk management and corporate treasury focused role. She began her career at PwC as an audit associate.

“Cristina’s appointment is a sign of our commitment to be the leading independent outsourced desk in our industry,” said Raymond McCabe, partner at Outset Global.

 “We continue to see demand from the investment community for our services, in both public and private equities with the firm examining other asset classes also at the request of clients. To secure someone with Cristina’s operational experience is testament to the Outset Global brand and displays the focus we have on providing asset managers with the highest level of execution solution possible.”

Outset Global has continued to expand over the last two years, making several senior appointments to its trading units.

In June last year, the outsourced trading firm also appointed the former Virtu European sales trading head, Nick Johnston, and former JP Morgan Highbridge Capital Management lead, Edward McCabe.

More recently, it added former Tier1 Financial Solutions account executive, Mike Cannon, and former Pearl Bridge Partners director, Andrew Sullivan, to its growing team.

Outsourced trading has continued to grow in popularity in the market throughout the course of this year, sparking several other providers of these services to bulk out their teams with new hires from the buy- and sell-side.

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The head of trading for Asia Pacific at State Street Global Advisors has taken on a new role with outsourced trading provider Outset Global after three years with the investment manager.

David Rogers joins Outset Global as a managing director in its Hong Kong office, where he will support the firm’s expansion in Asia Pacific. 

Rogers has extensive experience in buy-side trading, most recently heading up multi-asset trading for Asia Pacific at the investment management division for State Street for three years. He also previously spent four years at Fidelity establishing the firm’s management and research Asian trading desk.

Earlier in his career, Rogers worked at Deutsche Bank for two years as head of portfolio sales and trading for Asia. He also held positions at UBS in London, Tokyo, and Hong Kong developing its portfolio trading and electronic trading platform.

The latest appointment at Outset Global follows other senior additions to the outsourced trading team globally in recent years. Rogers is the second former buy-side trading head to join Outset Global in the last year.

In June, Edward McCabe joined Outset Global as a managing director in New York, after most recently leading equity trading globally and equity capital markets at JP Morgan’s Highbridge Capital Management.

One third of institutional investors in the US and Canada are looking at outsourced trading options to solve various business challenges, according to a recent study by Greenwich Associates. A study of buy-side equity traders found 30% said outsourced trading could help manage flow and achieve best execution.

While demand for buy-side outsourced trading has seemingly increased in recent years due to pressures on asset managers, UK railways pension scheme RPMI recently brought its trading back in-house and hired a former senior trader at Santander Asset Management as head of trading.

The TRADE recently explored the outsourced trading trend as part of a special digital feature. To view the feature, please click here.

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Edward McCabe has been appointed managing director of Outset Global’s New York office. The outsourced trading provider said McCabe will focus on developing its global footprint and institutional client base.

He has 20 years’ experience working on the buy-side, most recently as global head of equity trading and equity capital markets at JP Morgan’s Highbridge Capital Management. McCabe has also previously worked at Narragansett Asset Management, to build out their first trading desk.

“Ed’s appointment is a sign of our commitment to be the leading independent outsourced desk in our industry,” said Adam Bandeen, partner at Outset Global. “We continue to see demand from the investment community for our service. To secure someone with Ed’s buy-side experience is accretive to Outset’s brand and displays the focus we have on providing asset managers with the highest-level execution solution possible.”

McCabe is the latest senior hire for Outset Global as the industry continues to see increased demand for outsourced trading services, which has seemingly been accelerated by the coronavirus pandemic. A recent survey from Northern Trust found that 85% of buy-side firms have outsourced or are interested in outsourcing their trading desk.

Earlier this month, Nick Johnston joined Outset Global as managing director at the London office from Virtu Financial. Similar to McCabe, he has been tasked with developing the firm’s service and growth strategy. Morgan Stanley veteran and head of Asian equities sales trading in Hong Kong, Paul Fitzgerald, also left after 15 years to join the outsourced trading provider, to become managing director in Hong Kong.

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Nick Johnston has been appointed managing director at Outset based in London, and will focus on developing the firm’s service and growth strategy.

Johnston joined Virtu Financial as part of its acquisition of ITG, after heading up sales trading for Europe for the agency broker since 2015. Prior to ITG, he was head of European sales trading at Barclays, and has also previously held senior equity trading positions at JP Morgan and Lehman Brothers.

“Nick joins Outset Global during a time of industry growth and increasing client demand for our independent service,” said Raymond McCabe, partner at Outset. “To hire someone of Nick’s calibre is validation of our business model and the growth we are experiencing. We are confident Nick’s experience and network will not only be accretive to the firm’s strategy but also further enhance our clients’ experience.”

Johnston is the latest high-profile appointment made by the outsourced trading provider so far this year. In February, Outset confirmed it had hired the head of Asian equities sales trading at Morgan Stanley, Paul Fitzgerald, who had been with the investment bank for almost 15 years.

Outsourced trading has grown significantly recently due to increased operational and cost pressures for active fund managers. The coronavirus has accelerated the trend, according to several large custodian banks that offer outsourced trading as a service.

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