The deal follows a review by the investment manager of its operating model intended to help it better align its structure with plans for product expansion in the future. Waverton has £9.1 billion in assets under management.

Two of Waverton’s trader, Rene Naya and Sam Tresadern, have joined Northern Trust as part of the agreement.

“Outsourcing our trading to Northern Trust provides Waverton with access to global markets, high-quality liquidity and operational scale, while also allowing us to continue benefiting from Rene and Sam’s valuable institutional knowledge of our business,” said Michael Allen, chief operating officer at Waverton.

“In addition to both organisations’ strong service ethos and cultural fit, we are confident this combination delivers the service and operational resilience we require to support our growth aspirations.”

Northern Trust is supporting the trading of equities, derivatives and fixed income assets as Waverton’s sole provider of trading services.

“We are excited to be supporting Waverton’s commitment to client service and focus on growth in our role as its outsourced trading provider,” said Glenn Poulter, global head of brokerage and ITS at Northern Trust.

“To date, our ITS client base has consisted primarily of institutional asset managers and asset owners, but we see increasing interest in this solution from wealth managers as they look to enhance operating capacity and future-proof their operating models. Our appointment by Waverton is testament to this shift.”=

Earlier this year The TRADE conducted its inaugural Outsourced Trading Survey in partnership with Ergo Consultancy, exploring the shifting landscape. Around a third of respondents were asset managers.

Outsourcing in various forms has come to the fore in recent years, spanning from outsourcing the entire trading desk, to using providers for outsourced technology and operations.

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Citi promoted Vandana Bhatter as its new head of markets for ASEAN. Bhatter will be responsible for leading and driving a fully integrated business strategy, monetising Citi’s local market network and strengthening connectivity both within Asian markets, and with the bank’s other institutional client group businesses. She will also retain her current responsibilities as ASEAN corporate sales and solutions (CSS) head for markets. Bhatter first joined Citi in India as a markets management associate in 2001. After stints with the Singapore FX options structuring team and Citi Korea markets team, she returned to India to run the CSS India solutions business focusing on Citi Commercial Bank (CCB) clients. In 2009, she moved to Singapore to manage the Investor FX business and currently runs ASEAN CSS. 

UBS appointed Michael Hendrie as head of global markets for Australia and New Zealand, according to a Bloomberg report. Hendrie will align the bank’s regional equities and fixed income businesses into a single global markets group, in line with the bank’s wider organisational structure. Currently the head of global markets foreign-exchange, rates and credit for Australia and New Zealand as well as co-head of fixed income for the region, Hendrie joined UBS in 1994.  

Matthew Campbell, currently the head of UBS’ global AUD/NZD rates trading team, was also promoted to become head of derivatives and solutions for Australia and New Zealand, according to an internal memo seen by Bloomberg, and will carry out his new duties in addition to his current role. Campbell joined UBS in 2009 from Macquarie Group.

Louissa Oakes, the longstanding head of trading at London-based Waverton Investment Management, departed after 14 years with the firm to take up a new role as a European equity trader with the Canada Pension Plan Investment Board (CPP Investments). Oakes started her career as a European equity sales trader with Merrill Lynch back in 2003, before moving to JP Morgan as an equity trader in 2006 and then switching to the buy-side a couple of years later to join Waverton.  

Fintech pioneer GTN appointed Eric Krueger as chief executive officer for GTN Americas. Krueger brings more than 25 years’ experience in cross-asset trading for both institutional and retail clients to the role. He joined GTN from Saxo Bank, where he served as global head of digital engagement and client services. Prior to that, he held various equity leadership roles in the US and Europe at Barclays and Merrill Lynch. At Barclays, Krueger most recently served as managing director, head of EMEA cash equities distribution, where he helped build the firm’s equity business in Europe. While at Merrill Lynch, his most recent role was head of equity program and electronic sales trading.

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Louissa Oakes, the longstanding head of trading at London-based Waverton Investment Management, has departed after 14 years with the firm to take up a new role as a European equity trader with the Canada Pension Plan Investment Board (CPP Investments), The TRADE can reveal.

Oakes started her career as a European equity sales trader with Merrill Lynch back in 2003, before moving to JP Morgan as an equity trader in 2006 and then switching to the buy-side a couple of years later to join Waverton.  

With estimated assets under management (AUM) of around £10 billion, Waverton is an owner-managed investment firm with offices in London and Scotland, focusing on investment solutions for private investors, charities, financial advisers and institutional investors.  

CPP Investments, established in 1997 to oversee and invest the funds contributed to and held by Canada’s state pension plan, is one of the world’s biggest pension fund investors. With C$523 billion in AUM as of June 2022, the fund saw a C$7 billion net increase over the last quarter and currently invests on behalf of 21 million Canadian pension fundholders.

Oakes confirmed the move in an update on social media. Waverton declined to comment. 

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Georgina Sansom, EMEA equity trader, Fidelity International

Georgina Sansom began her career in finance with stints at Sanford C. Bernstein and Merrill Lynch, before graduating from the University of Exeter with a degree in Economics. Sansom returned to Merrill Lynch for her first trading role in June 2012, spending four years with the bank as a pan-Europe sales trader before moving to the buy-side in October 2016, joining Fidelity International as an EMEA equity trader. Sansom’s peers have lauded her “aptitude and desire to enhance her knowledge”, as well as her “positive attitude and expert knowledge of her sectors”.

Alexander Hunter, EMEA equities programme trader, JP Morgan Asset Management

Alexander Hunter joined the EMEA equity trading desk at JP Morgan Asset Management in the summer of this year and is responsible for execution of equity programmes, liquid orders and derivatives trades. Hunter started his career in 2012 on the sell-side at Citi. Initially working as a trade floor support IT analyst in equities and then credit, he moved on to join the Equities Electronic Execution desk in 2014, focusing on equity algorithmic product and strategy customisation, as well as client coverage.

Rene Naya, buy-side dealer, Waverton Investment Management

Rene Naya joined Waverton Investment Management in 2007 when the firm was still known as J. O. Hambro Investment Management, working in the firm’s back office. He made the switch to the trading desk at the start of 2009 and has spent the better part of the last decade as a buy-side dealer, developing a reputation among his peers for his in-depth knowledge of markets, talent with algorithmic trading and ability to adapt to new innovations.

Marten Bressel, fixed income trader, Vanguard

Marten Bressel joined Vanguard as a fixed income trader in October last year, having spent four years with PIMCO as a portfolio associate. Bressel started his career with Allianz Investment Management in Germany before moving to London. He is now recognised as a key player in the successful development and continued growth of the Vanguard ETF offering within Europe, having established himself as an insightful and considered trader in the utilities sector within the London Index team.

Jan-Pieter De Paepe, senior equity and FX dealer, KBC Asset Management

Jan-Pieter De Paepe is described by his peers as the “go to dealer on equities” at KBC Asset Management, having joined the firm in October 2014, focusing on best execution, automation and TCA. Prior to joining KBC, De Paepe began his financial career with Dutch hedge fund Transtrend, focused on systematic trading strategies. De Paepe graduated KU Leuven in 2007 with a Master’s degree in Applied Economic Sciences.

This year’s Rising Stars of Trading and Execution will be awarded during the Plato Debate – Key Market Trends and Challenges in 2018 and Beyond event.

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