Tradition poaches government bond team

Tradition, the money broker, is launching a 12-strong European government bond team and has poached Iain Jackson, head of government bonds at rival MIS Interdealer Brokers and eight of his colleagues to staff it.

Tradition is creating the division in a bid to capitalise on the fast-growing volumes in the industry. It will compete with market leaders Icap and Tullett Prebon, as well as MIS and its sister company, BGC Partners.

Other brokers who have left MIS to join Tradition are Guy Blomme, Darren Bartholomew. Stephen Foulds, Gabriele Mascherin and Brett O'Donaghue. Pascal Giraud, David Hewer, Graziano Usai have all joined Tradition from MIS' parent, Cantor Fitzgerald, while Lee Sands has joined from Icap.

BGC lost a six-strong team of floating rate note traders to Tradition in the summer.

Robin Houldsworth, chief executive of Tradition said: "Trading volumes have picked up during the past year by around 25% and we expect this trend to continue."

The new team will be led by Jackson. The line-up is expected to be completed with a further two hires in the coming months.