Cboe named Wei Liao as its new director of derivatives market intelligence, as part of the network’s continued expansion of its global derivatives business.  Liao will work out of Hong Kong, where she will focus on driving forward Cboe’s derivatives market and content franchise to its client base in Asia Pacific (APAC). Liao brings 15 years of macroeconomic research, trading and portfolio management experience to the new role, and before joining Cboe, she worked as a portfolio manager at CQS Asset Management.  Prior to this, she was also the founder and manager of derivatives-focused hedge fund, Watercourse Macro Found. Mandy Xu, global head of derivatives market intelligence at Cboe said: “With her background as a portfolio manager and trader, Wei brings deep market expertise, a seasoned practitioner’s perspective, and a client-first mindset – all of which are critical as we work to close the education gap and support the region’s next phase of growth.” 

The TRADE is thrilled to announce that Natasha Cocksedge has joined the team as a reporter, effective 7 April. In the role, Cocksedge is set to work across the publication’s offerings, including its digital content, print magazine, multimedia features, events and research. Cocksedge’s appointment follows the departure of Wesley Bray in February.  Most recently, Cocksedge served at MyLondon covering local news and event. Previous experience also includes stints reporting for: The Londoners, ENDS Report, and The Farnham Herald. Annabel Smith, editor of The TRADE, said: “I’m delighted to welcome Natasha to our editorial team. She joins The TRADE at a pivotal time in our growth as we look to build on record web traffic in 2024, increase in multimedia products and the successful expansion of our Leaders in Trading event to the US.” 

Wayne Barber is set to expand his role on the Janus Henderson fixed income desk to include trading, after three years working as a data analyst for the firm. In his tenure, Barber has worked with the trading team on data-related mandates including working to optimise execution for the desk. Previously in his career, he worked as a software engineer at Accenture and before that as a sales executive for WebsEdge. Speaking to The TRADE, a spokesperson for Janus Henderson said: “[Barber] was brought in to help the team with their trade data and TCA analysis. Over this time he has built a central database and a number of tools that the team rely upon daily. While working with the trading team he has developed an interest in the markets and recently his role has broadened to include money markets, rates and FX trading. He is also keenly interested in looking at automation and garnering efficiencies in our systems.”  

Nikhil Rathi has been reappointed chief executive of the Financial Conduct Authority (FCA) for a second term. He was first named CEO back in June 2020, taking up the role in October later that year. Rathi’s new term will run until September 2030, focused on leading reform in the regulatory environment, building on previous efforts such as the introduction of the ‘consumer duty’. Speaking to his new appointment, Rathi said: “I am honoured to be reappointed by the Chancellor. The FCA does vital work to enable a fair and thriving financial services sector for the good of consumers and the economy. I am proud of the reforms we have delivered to support growth, bolster operational effectiveness, set higher standards and to keep our markets clean and open.” 

Paul Atkins has assumed his role as chair of the US Securities and Exchange Commission (SEC), having been confirmed as Gary Gensler’s successor in January 2025. Mark Uyeda had been serving as acting SEC chair in the interim. Atkins’ previous roles include a prior stint as a commissioner of the SEC – appointed in July 2002 by President George W. Bush, where he served until August 2008. Before that, he founded and became chief executive of strategy, risk management and compliance consultancy, Patomak Global Partners.  

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Ali Dibadj

The partnership is set to close by Q3 2025.

The move will see Janus Henderson manage the $45 billion investment grade public fixed income portfolio for Guardian’s general account, as well as more than $147 billion in fixed income assets globally.

The portfolio will include investment grade corporates and securitised credit.

As part of the partnership, Guardian is also set to commit up to $400 million in seed capital to accelerate the firm’s innovation in securitised credit and high quality active fixed income products.

Ali Dibadj, chief executive of Janus Henderson, said: “This multifaceted, innovative partnership, founded on a shared set of client-focused values, leverages our complementary strengths, creates alignment for mutual growth, and intends to achieve mutually beneficial outcomes for policyholders, our clients, shareholders, and employees.

“This strategic partnership also supports the execution of Janus Henderson’s client-led vision of amplifying our strengths in fixed income, multi-asset solutions, and model portfolios, while greatly expanding our presence in the institutional market and insurance space.” 

This move will allow Guardian to leverage Janus’ presence in active fixed income ETFs and increase Janus Henderson’s institutional reach and insurance presence.

Similarly, continuity in the management of assets is a focus, with Guardian’s existing investment professionals focused on in-scope asset classes set to be offered the opportunity to join Janus Henderson.

The joint venture is also expected to broaden investment opportunities for Park Avenue Securities’ (PAS) clients, Guardian’s dually registered broker-dealer and registered investment adviser, through the co-development of proprietary, multi-asset solution model portfolios. 

Andrew McMahon, Guardian chair and chief executive, said: “This strategic partnership with Janus Henderson enhances Guardian’s investment and solutions capabilities and aligns our organisations for long-term, mutual growth. 

“Our shared culture of collaboration and dedication to our clients make them a natural partner for Guardian. By combining Guardian’s exceptional experience with Janus Henderson’s market-leading investment strategies, resources, and capabilities, we will be able to offer innovative investment and wealth management strategies that will benefit customers and policyholders for years to come.” 

The move follows other similar deals, wherein asset managers are looking to expand their remits through key partnerships. 

In January, Assicurazioni Generali and BPCE signed a Memorandum of Understanding which will see them combine their respective asset management operations – Generali Investments Holdings and Natixis Investment Managers. Through this partnership, the entity would become the leading asset management player in Europe by revenue, with more than €1.9 trillion assets under management. 

More recently, in February, Kepler Cheuvreux and Unigestion unveiled a strategic partnership wherein the firms will launch a joint public equities asset management company. Once approved, the new entity – Kepler Cheuvreux Unigestion Equities – is set to focus on quantitative strategies and together will manage more than €3 billion in assets.

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Surrounded by colleagues and friends from across the industry, Royal took to the stage at Chelsea Piers to accept his award.

After almost 40 years in the industry, Royal is set to retire at the end of December, handing the reins to his successor Hugh Spencer.

Royal needs little introduction. Beginning his career in 1984 as an FX trading manager at Cargill, based in Chicago, his career spans four decades. 

After 10 years in his first role, Royal moved to SJO Asset Management where he spent two years as a senior global trader based in Geneva. He then headed to John W. Henry & Company where he spent four years in the same role based out of Florida. 

It was in 2001 that Royal first joined Janus Henderson. After a five year stint at the firm in a senior equity and foreign exchange trading role he left for a brief interlude at Artisan Partners where he spent just under two years as director of global equity trading and operations. He re-joined Janus Henderson in 2008 and, as they say, the rest is history. 

Royal has been global head of equity trading for Janus Henderson Investors since 2017 and despite his now-lofty title as global head he continues to trade both US securities and foreign exchange for the firm.

This ethos is something that he has instilled in his traders, including his now successor, Spencer.

Alongside his extensive history serving on the buy-side, Royal has remained committed to contributing to various industry associations throughout his career. He is currently a member of the National Organisation of Investment Professions and of the IEX Buy-Side Trading Advisory Committee. He has also previously spent periods of his career serving on the NYSE/ICE and NASDAQ Institutional Trader Advisory Committees, the FINRA Market Regulation Committee and the National and Denver Security Traders Association.

The TRADE would like to extend a hearty congratulations to Royal and wish him a happy retirement.

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Oliveira originally joined BNP Baribas as part of its corporate and institutional banking division in 2017 as deputy head of Hispanic, LATAM CIB. Since joining he has served in a number of roles across FX, commodities, local markets and global credit, rising through the ranks to his most recent role as global co-head of global macro and global credit in 2022. Prior to joining BNP Paribas, he served for almost a decade at Credit Suisse as its co-head of Brazil FID.

Luke Holmes, head of equity sales trading, US clients at Kepler Cheuvreux left the firm after five years, as revealed by The TRADE. Holmes joined Kepler in 2019 having previously served in equity sales trading roles at Sanford C. Bernstein and Goldman Sachs. His next role is unconfirmed.

Cameron Beale, head of sales trading, UK clients at Kepler Cheuvreux has also left the firm for pastures new. Prior to joining Kepler in 2019, Beale spent more than 25 years at JP Morgan, serving as equities sales trader and executive director.  

Janus Henderson Investors appointed Francesca Alesi as a junior equity trader, based in London. Alesi joined the asset manager from GSA Capital, where she spent the last two years. Most recently, Alesi served as an execution trader – a position she held for just over a year. Prior to that, she served as an analyst at the firm.

Liquidnet appointed Amanda Lee Volk as trade coverage/execution consultant for its New York desk. As part of the role, Volk will focus on providing primary account coverage for Liquidnet ATS members, which includes institutional, hedge, quant, multi-strategy and index funds. Volk brings 18 years’ experience to the role from Nomura, with particular expertise in the ATS block and algo trading space.

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According to an update on his social media, Mair has joined hedge fund and systematic trading platform Schonfeld as an equity trader dealing with long and short strategies.

He joins after spending the last 14 years with Janus Henderson, most recently as a senior equity trader for six and a half years.

Prior to his most recent role he spent six and a half years as a multi-asset trader. He originally joined the asset manager in 2010 as an RFP associate on the fixed income team. 

Mair was recognised as one of The TRADE’s Rising Stars of Trading and Execution at Leaders in Trading in 2016 alongside 39 of his peers across the buy-side.

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The succession plan is remarkably unique and pays tribute to Royal’s character as a man whose love for his current company has driven his desire to ensure that his departure does not rock the boat. A rare commodity in the industry.

Sitting down with The TRADE, Spencer explains this plan of succession has been in place for several years, attributing its success to the planning and preparation that has gone into implementing it.

Hugh Spencer

New heads of trading have stepped up to the plate in three different regions. Spencer will take over from Royal as global head based in the US, Glen Pattinson will take over in London – following the departure of Richard Worrell to the London Stock Exchange at the start of this year – and Ryan Chan will take over from Spencer in his current role as head of the Asia Pacific dealing desk.

“When you have situations where you have change like this, it [global approach] means you’ve got continuity. Everyone is ready to step up. This is all internally sourced succession. This creates that continuity which breeds the strong culture that we have and ensures that when we replace at the junior trader level, we can confidently bring new skillsets in. That’s where we add people with a scientific approach,” says Spencer.

“I don’t know if there’s many firms that would allow a transition process like this to occur and promote it and be proud of it. The person really driving it and being a huge part of that is the individual leaving. I’ve got so much respect for the company and so much respect for him. You’ve got a global head who’s retiring but still so excited about his job that he really wants to make sure that the global team is left in a better position than it was before he left. It’s selfless.”

Janus Henderson’s global offerings use the same systems and regularly communicate. With the succession plan in place, Royal has been grooming Spencer to take over to ensure a smooth transition when he steps back from his role at the end of 2024.

“I have an open dialogue with Dan,” explains Spencer. “This is again a very deliberate plan of succession, so having a line of sight into the global projects, meetings, and interactions already is hugely helpful for me to try to understand the direction of travel required ultimately to then transition into solely being global head of trading. One of his [Royal’s] many legacies is going to be how seamless the transition is.”

Future focus

Spencer is set to move over to the US in the Summer and work alongside Royal for six months to get his feet under the desk. He tells The TRADE that his core focus going forward is establishing the credibility that Royal is known for both in and outside the firm. However, hints towards a more systematic focus once the new structure is settled.

“Leveraging the credibility that Dan and the company have built up over decades with the street [will be the focus] firstly, then with internal relationships and with the trading team globally,” he says. “If there’s any aspiring leader or anyone that wants more responsibility, you have to understand as you take steps in your career that you have to be more confident with delegating responsibility along the way when required.”

“We’ve always been thought leaders when it came to customisation or bracketing of algos. The next logical step given that we’re not necessarily a quant house, is to really take a thoughtful, deliberate approach towards being systematic. And this involves approaching the majority of our order types, not just focusing on the easiest orders on the pad.”

Do what you love

Royal has been Spencer’s mentor throughout the majority of his trading career, and Spencer attributes his move over to the buy-side – originally joining Janus Henderson in 2011 as an equity trader in Singapore – to him.

“He is hugely supportive. Massively empowering in terms of a leadership style,” explains Spencer. “He understands that to have buy-in from the junior trader all the way up to your heads of desk, you have to empower and encourage individuals. You have to know an individual’s strength and then realise that that’s what you should be utilising as opposed to just trying to tailor a desk to lean towards your own strengths.”

The pair share a love of trading. Royal is renowned for continuing to actively trade throughout his career, even in his role as global head of trading, and this is something that Spencer intends to replicate when he ascends to the throne.

Dan Royal

“How can you have credibility with your traders if you’re not trading the same things every day? How can you understand the issues that they’re having or the complexity of what they’re dealing with if you’re not dealing it with yourself? There’s no corner office approach at Janus Henderson. We’re active in the investment process. Why would you give up something you love?” he implores.

“There’s something to be said for coming in trading stocks and talking about these stocks with my fellow team members. That’s irreplaceable. There’s a quote that really resonates with me. ‘You have to hear the sound of the bullets whizzing by to really understand what your teammates are going through’ (former Duke Energy CEO). You have to understand the stress, the strain, the smells, the sounds, everything that’s going on a trading desk if you’re going to manage it efficiently.”

Spencer has some experience of trading the US but has spent the extent of his career so far in Asia across Japan, Hong Kong and Singapore. He confirms that one of his focuses for the initial part of his new role in the US will be getting his feet under the trading desk and expanding his knowledge on how to trade the region.

“From a trading perspective, I have some experience trading the US market, but that’s something that will just take time,” he says. “That’s just spending time on the desk trading every day, chatting with the traders, working with the street there.”

Board boys and pressure cookers

Spencer began his financial career at Bloomberg as an IT support engineer and later as a network engineer. It was visiting offices to fit panels and terminals that he realised he wanted to flip the coin and join the industry in a front-office role.

“I was fixated with the other side of the panel,” he explains. “I was fixing all these Bloomberg terminals and got to a point where I wanted to be the one making the decisions on the other side of those screens. Three of my uncles were stockbrokers in Canada, so it’s a family affiliation with markets.”

During a rugby game in Japan, he scored his first front-office role broking interest rate swaps – a role he says is not for the faint hearted but that has shaped his career to date.

“Starting in money broking… I wouldn’t advise it for everyone. It’s extraordinarily fast-paced and high pressure. You have to learn to calculate spreads and prices on your feet. I started in the pressure cooker which involved a room full of individuals yelling and screaming and shouting numbers and closing deals,” he explains.

“It’s proper board boy material. You’re up there writing numbers down, getting coffees, moving cars, booking restaurants. All of the stuff which that doesn’t happen to juniors anymore, for very good reason. That system generates a lot of turnover in the junior positions because no one wants to do it for too long.”

He later gravitated towards equities. As a self-confessed lover of writing and research, the validation around investment decisions and the intellectual discussion surrounding execution in the asset class attracted his attention.

“Each step [in my career] has brought me closer to understanding the thesis behind why people are investing,” he adds. “As I got my head in the game I really wanted to understand why someone wants to own this. That’s why each stage of my career has gravitated closer to that investment decision as a result.”

EQ vs IQ

Australian born and bred Spencer has spent his entire financial career to date in Asia – some of the most profoundly complex and fragmented markets globally. Operating as an international sales trader at UBS in Japan for almost two years, he moved to Newedge, part of Société Générale since 2014, where he spent two years as a senior sales trader in Hong Kong.

He migrated to the buy-side with his move to Janus Henderson in 2011 when he joined as an equity trader. He later became the regional head of trading in 2014 and took up his most recent role as head of dealing Asia in 2017. His desk focuses on equities, alongside some convertible bonds, FX, systematic futures and over the counter (OTC) derivatives.

For Spencer, it is the market structure nuance that has kept him in Asia for as long as it has.

“Because you’re doing regional, any news outside of Asia typically affects a country within Asia from a global economic perspective so there’s always something going on,” he says. “You’re going to learn something new every single day simply because you’re covering such a breadth of different countries. That is what keeps people engaged and makes people want to stay out in Asia and pulls people to work out in Asia.”

Traders core skills are split between emotional intelligence (EQ) and intelligence quotient (IQ), he explains. They must want to and be passionate about researching stocks and understanding market structure minutia while simultaneously fostering relationships both inside and outside of their organisations. When asked how the firm mitigates the complexity of markets, he stresses the importance of dialogue with exchanges, regulators and other buy-side firms.

“You’ve got to be able to understand and love market microstructure. You’ve got to understand the impact of regulation. You need to enjoy delving into minutia,” he says.

“There’s always going to be times when you need to lean on someone because you don’t understand a certain regulation and why you can or cannot trade this market. If you’ve got a strong relationship with those individuals who are microstructure or reg experts, do you really think they’re not going to stay back five minutes to help you out?”

“For a younger trader coming in, having a data science background is key. For traders who are more established, you can’t just roll your eyes when the topic of data comes up. You have to be willing to get out of your comfort zone. You have to put your hand up and ask questions to the people on the desk who know more than you.”

Central to the EQ side of trading is ironically taking emotion out of the equation, says Spencer. Emotions must be controlled in order to achieve the success. Emotions in the form of strong relationships generate better outcomes, but emotions relating to trading decisions create uncertainty, exhaustion and risk.

“At first, you can’t help it if you’ve got pride in your work, which often brings with it sensitivity. Over time, you learn that there are elements you can’t control. I can’t control the broader market as much as I wish I could. I can’t control what other market participants are going to do in a stock that I’m trading on any given day. Over time, the daily emotional roller coaster gets milder, and you start to develop a systematic process within your brain of how to deal with all these variables,” he says.

“I always tell junior traders, it doesn’t matter if you get a $100 million order or $100 order, you need to have the same emotional process with it. You can’t have a differing process because something has a greater magnitude of value. Once you get to the point where you remove emotion you start making much better trading decisions.”

“I try to make that entry and exit as efficient as possible and protect as much alpha as I can. I try to advise when it does and it doesn’t make sense from a trading perspective to do something, but ultimately that investment decision has greater ramifications than the trading decision.”

Spencer is now preparing for his family’s move over to the US. The next six months will prepare him for his new role as global head of trading – no mean feat at a firm with 24 offices globally and just over $352 billion in assets under management. Royal’s succession plan has pioneered a new of stepping away from the helm and the street should take notice. Long live the new king.

The post A Royal succession appeared first on The TRADE.

Jennifer Pyrka Turner moved to Instinet to take up the reins as head of Americas execution sales, according to an announcement on social media.  The move followed a 19-year stint at Credit Suisse, most recently as managing director, head of AES sales Americas at Credit Suisse. In this new role, Pyrka Turner is based in New York and continues to operate across the Americas region. 

Dan Childs departed from his role as managing director, head of European prime services sales, EMEA to join Balyasny Asset Management, taking on the role of head, cash and liquidity management at the hedge fund. Childs previously spent almost three years with Jefferies after co-founding treasury technology start-up Kayenta in 2018. Prior to this, Childs spent the bulk of his career at Citadel, his final role as international COO after previously heading up treasury and operations. He began his career as a software developer before joining RBC and then Societe Generale.

Cboe Global Markets appointed leading industry figure Natan Tiefenbrun president of North American and European equities as part of the leadership changes announced last month, The TRADE revealed. The new role expands on his previous position as president of Cboe Europe, now also overseeing North American cash equities. This took effect as part of broader leadership changes announced by Cboe in October, which included Adam Inzirillo, previous head of North American equities being appointed the new global head of data and access solutions. Additionally, New York-based Oliver Sung was named head of North American equities in his stead, reporting into Tiefenbrun.

Janus Henderson promoted from within for its new head of equity trading for EMEA with Glen Pattison to take up the role in December after five years at Janus Henderson, having joined in 2018 as a senior trader. Prior to that he spent 11 years at Instinet. Pattison replaces departing Richard Worrell who is set to join the London Stock Exchange Group as its new head of secondary markets sales and business development, as revealed by The TRADE in October. 

FlexTrade Systems appointed Michael Kovach Americas head of fixed income sales in a move set to further drive the growth and adoption of FlexTrade’s fixed income EMS, FlexFI. In his new role, Kovach is set to be based out of New York and leverage his experience in electronic trading solutions. Prior to this appointment Kovach was lead relationship manager at BlackRock Aladdin, and before that spent four and a half years with Liquidnet, most recently as head of fixed income sales US.

Credit Suisse’s global head of FX, John Estrada, is set to leave the bank after 12 years, according to an announcement on social media. Estrada was promoted to co-head of FX last July, before becoming the sole head. Prior to that, he held various senior positions including global head of e-macro and global head of eFX trading. Estrada has previously worked at BNP Paribas and Sun Trading as eFX trader and financial engineer, respectively, and before that worked as a trader for Lehman Brothers. So far Estrada’s next step is unconfirmed.

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Glen Pattison will take up the role in December after five years at Janus Henderson, having joined in 2018 as a senior trader. Prior to that he spent 11 years at Instinet.

“We have an exceptional trading team here at Janus Henderson with plenty of talent to draw from. Glen’s appointment to EMEA head of equity trading is testament to his outstanding capabilities as a trader and illustrates the remarkable talent we have at our firm,” said Dan Royal, global head of equity trading at Janus Henderson, to whom Pattison will report.

“As a firm we are dedicated to developing our people and providing opportunities for career progression. I am confident that Glen’s extensive experience coupled with the significant professional breadth of the EMEA trading team will ensure a seamless transition and ensure that we continue to deliver for our clients.”

Read more – Janus Henderson’s Richard Worrell departs for LSEG role to kickstart new stage of growth

Pattison replaces departing Richard Worrell who is set to join the London Stock Exchange Group as its new head of secondary markets sales and business development, as revealed by The TRADE in October.

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Millennium has appointed Ryan Cain in an equites-focused role. According to an update on his social media, Cain joined Millennium from Segantii Capital Management, where he served as a trader for nearly six years. Prior to joining Segantii, Cain spent nearly four years as a trader at Apollo Global Management. Elsewhere in his career, Cain held an equity derivatives sales and trading position at Barclays Capital.

UK-based investment bank Peel Hunt promoted from within for its new deputy head of execution services. James Webb was selected for the role after serving for the last eight years at Peel Hunt, most recently as its head of systematic trading. Peel Hunt confirmed Webb’s responsibilities as systematic head will be encompassed in his new role. Originally joining the investment bank in 2016, Webb also spent five years as its head of FTSE350 market making. Previously in his career, Webb spent six years at KCG Holdings as its head of European ETG trading and three years at ING as a trader.  

Cboe Global Markets has appointed Catherine Clay as global head of derivatives as part of new senior leadership changes made by the firm to support growth strategies. Clay previously served as global head of data and access solutions and digital and will now oversee Cboe’s global derivatives business. Elsewhere, Adam Inzirillo, who previously served as head of North American equities, will now operate as global head of data and access solutions. As part of the role, Inzirillo will oversee Cboe’s market data and access services, global indices, risk and market analytics and execution solutions services. Oliver Sung – previously head of North American execution consulting at Cboe – will replace Inzillo as interim head of North American equities.

Equities expert Tommy Doyle joined Institutional crypto trading platform FalconX in an EMEA sales role, following a one and a half year stint at Coinbase. The sell-side equities specialist joined Coinbase’s institutional team last July, focused on leading the business’ efforts in hedge fund sales for EMEA. Prior to this, Doyle spent almost three years at Goldman Sachs, working in the equities space as a managing director. His experience also includes tenures at Citi and Bank of America Merrill Lynch, both in equities and prime brokerage-focused roles.

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He will join the exchange group as head of secondary markets sales and business development in January 2024, sources have confirmed.

LSEG and Janus Henderson could not be reached for comment.

The change marks a move away from the buy-side for Worrell who has an extensive equity trading career. He began his most recent spell at Janus Henderson in 2017 after a six-and-a-half-year tenure at Redburn as an equity sales trader.

Previously in his career, he also spent almost a decade at the asset manager in an equity trading role until 2006 and later spent nearly four years at SEB.

In his new role, he will be responsible for boosting the  exchange’s rankings and driving its next stage of growth after a series of senior leadership changes from within its capital markets business.

LSEG has reshuffled its capital markets top brass significantly in recent years in a bid to simplify its leadership across its expanding asset class remit. As part of the changes, the group said goodbye to some of its well-known  industry figures former chief executive officer of Turquoise, Robert Barnes, and former head of sales and platform distribution for securities trading, Scott Bradley, in November last year.

The exchange appointed internal candidate Lida Eslami to replace Bradley in an expanded role as head of equities and exchange trade products (ETPs) sales and relationship management in January. However, Eslami later left the exchange in May to join rival venue Cboe.

In his new role, Worrell will be responsible for sales and business development in its secondary markets business, taking up the responsibilities of Eslami and reporting to Sally Francis-Cole, The TRADE understands.

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