JPMorgan Chase & Co. (JPM) Financial News - Wells Fargo Hires JPMorgan’s Rana, Lee to Start Program Trading
JPMorgan Chase & Co. (JPM)
Wells Fargo Hires JPMorgan’s Rana, Lee to Start Program Trading
2011-08-02 02:17:06
Quote: JPMorgan Chase &
Co. (JPM)Elise WilkinsonChris Johnson, 40,
who will start the program-trading sales group this month.
They’re among 25 executives hired across sales and trading in
the past 18 months, bringing headcount to about 150.
index funds, said Christopher Bartlett,
the division’s chief. Program traders handle transactions in
baskets that contain at least 15 stocks -- for instance, to help
managers of index-linked mutual funds rebalance holdings.
“We have worked on adding a number of capabilities to our
equity franchise in an effort to become more relevant to our
institutional and corporate client base,†Bartlett, 50, said in
a phone interview. “These employees will give us an ability to
do a deeper dive into the electronic-trading space with a subset
of clients that we weren’t penetrating before.â€
Matthew Brown, head of cash trading, who joined
San Francisco-based Wells Fargo in May 2009 from Bank of America
Corp. and reports to Bartlett.
‘Low-Touch Trading’
NYSE Euronext.
Banks are competing to hire traders and other executives
with expertise in program and automated trading, said Adam Kahn,
managing partner at Odyssey Search Partners, a New York-based
executive recruiting firm.
“The world’s going more electronic,†Kahn said in a phone
interview. “Volumes are down in the equity-options and cash-
equities businesses and a lot more of the orders are coming in
on the low-touch trading side.â€
Goldman Sachs Group Inc. (GS)Morgan Stanley (MS), which was the most active program-trading firm
during the week ended July 22, moving 455.5 million shares.
Wells Fargo wasn’t among the top 20.
Institutional Investors
Stamford, Connecticut-
based research firm and a former Lehman Brothers Holdings Inc.
program trader. “The question for Wells Fargo is how are they
going to attract clients? It will be up to them to differentiate
themselves because t...Open whole article (external link)