It is the dawn of a new day over at ITG.
The broker marked the beginning of a new era as its new chief executive officer Frank Troise, former head of JP Morgans trading effort, officially took the reins of the firm today. Also in a leadership move, ITG named Minder Cheng as its new Chairman of its Board of Directors.
Commenting on his new role, Mr. Troise said, I am pleased to be back at ITG, an exceptional firm with a culture of client service and innovation. ITG has many proud achievements over the past three decades. I am confident that our best days are ahead of us.”
Troise joins ITG from J.P. Morgan, where until October 2015 he was a managing director and head of J.P. Morgan Execution Services, a global multi-asset execution group within the investment bank. Prior to J.P. Morgan, he was global head of electronic trading at Barclays Capital and head of U.S. electronic execution at Lehman Brothers. Before joining Lehman Brothers, Troise spent eight years at ITG, where his duties included serving as managing director in charge of client site sales and trading.
Cheng has been a director since November 2010. He currently serves as Chairman of the Board of Directors at MediaCrossing Inc., a Senior Advisor at Executive Networks and an Advisor at Armanta, Inc. From December 2009 until July 2010, Mr. Cheng served as Chief Investment Officer for Index Equity and Capital Markets at BlackRock. Mr. Cheng joined BlackRock via its 2009 merger with Barclays Global Investors, where he worked in a variety of capacities for the prior 10 years, most recently as CIO of BGIs Equity and Capital Markets division. Prior to BGI, Mr. Cheng held research, strategy and proprietary trading roles in Tokyo, London and New York.
I am looking forward to taking on this new role and working closely with my Board colleagues, Frank Troise and the entire ITG management team as we work to regain operating momentum and maximize shareholder value, Cheng said in a release. I would like to thank retiring ITG Chair Maureen OHara for her dedication and guidance over the past eight years and also my fellow Board colleague, Jarrett Lilien, for his strong leadership as interim CEO at a critical time in ITGs history.
