KCG Holdings’ senior management have been spilling out since the takeover by rival high frequency trading firm Virtu earlier this year. But, they’ve been landing new jobs.
Elio Manca, the head of ETF sales in Europe who spent six years at KCG before departing last year before the Virtu deal, has just taken a role as a managing director and head of sales and business development at ITI Funds.
ITI Funds is a Russian fund platform that offers a range of emerging markets ETFs. It also provides investment services for asset managers and hedge funds in the country. So far, Manca appears to be the only UK employee and the company is neither authorised by the Financial Conduct Authority or yet to appear on Companies House.
Manca joined KCG Holdings in March 2010 after nearly six years at Citigroup, where he was a director in equity derivative sales. Before that, he spent close to seven years in equity derivative sales at Morgan Stanley.
Since the Virtu deal, a large number of KCG employees have been laid off. As we reported, at least 60 people have been ejected from the company since the takeover was confirmed and insiders at the firm suggested that 70% of London headcount has been made redundant.
Manca’s departure before the Virtu’s appearance seems prescient. Paul Bermingham, the head of European ETF trading at KCG and Ivan Gilmore head of ETF sales trading, have both since left.
Other key departures include Graham Wayne, KCG’s head of EU Electronic trading, who is set to join Barclays in a senior electronic trading role. Meanwhile, Tim Wildenberg, the chief executive of Neonet - the Swedish broker bought by KCG Holdings in July last year - also departed the firm earlier this month. Wildenberg joined Neonet in 2013 from Citigroup, where he was head of electronic trading for Europe.
Senior KCG have found new jobs relatively quickly. Robert Crane, the former Goldman Sachs head of electronic market making who headed up KCG’s electronic execution business, has turned up at HSBC. He will be global head of cash execution, according to Financial News. Philip Allison, KCG’s European chief executive, also departed in July, but has yet to land a new job.
Contact for news, tips and comments: email@example.com
Image: Getty Images