JP Morgan reshuffles management to target algo traders

JP Morgan reshuffles management to target algo traders

JP Morgan has announced changes to its senior management designed to cater for the growing number of trading counterparties using algorithms and electronic platforms.

Chris Berthe has been named as the head of global cash execution, a role that will include the responsibility for teams that manage electronically match buyers and sellers of equities, according to the contents of a memo reported by US news channel CNBC. 

The memo, sent by the bank's two-co-heads of equities trading Jason Sipperl and Mark Leung, announced a number of additional appointments, including a newly created group, Americas execution services, which will be led by Adam Englander and Matthew Malgarve and will service clients trading both electronically and manually. 

Meanwhile Dennis Fitzgerald has been named as head of global cash risk with responsibility for the bank's block trading department.

"We believe that the new organisational structure and the people in it are perfectly suited to gain competitive share from the rapid evolution that is occurring all around us,'" stated Sippel and Leung in the memo.

JP Morgan, the world's largest investment bank by revenue, has seen an increasing volume of its equities business go electronic in recent years. In February the bank said that 89% of the notional value of its equities orders were now electronic.

At the same time, greater investment in its electronic and algortihmic trading services has seen JP Morgan increase its market share of the US equities market from 7.7% in 2012 to 10.3% in 2017.

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