Greg Tusar is leaving Goldman Sachs.
The firm’s global head of electronic trading will depart at the end of May, according to an internal memo obtained by Traders Magazine.
“After 13 years of service, Greg Tusar, global head of the Goldman Sachs Electronic Trading (GSET) business, has decided to leave the firm at the end of May. During his remaining time at the firm, Greg will focus exclusively on the REDI platform,” which handles electronic trading, the memo to employees said.
Michael DuVally, a spokesman at Goldman Sachs, confirmed the memo’s authenticity.
Market participants said Tusar is taking a position at market maker GETCO, which is in the process of acquiring another large market maker, Knight Capital Group. GETCO announced a preliminary list of senior management of the combined company last week.
A spokesperson for GETCO declined to comment on the matter as did Goldman’s DuVally.
Tusar is credited with growing the bulge firm’s global electronic trading franchise. He has helped manage Goldman’s investment in exchange operator Direct Edge, where he serves on the board of directors. Tusar has also been an active participant in both market structure and industry regulation initiatives.
Tusar joined Goldman Sachs in 2000 when the firm acquired Spear, Leeds and Kellogg, where he was a limited partner. Previously, he spent seven years at TLW Securities, eventually as chief executive officer, and helped launch and grow the business prior to its sale to Spear, Leeds in 1999. He was named managing director at Goldman in 2003 and partner in 2008.
Goldman acquired the REDI electronic trading software business with its $7 billion acquisition of electronic market maker Spear Leeds & Kellogg in 2000.
REDI named for a Rapid Execution Dot Interface used in the product’s early years.
