UBS Investment Bank has appointed Will Sterling as head of its US equities institutional electronic trading division after he stepped down as president of Instinet's Island ECN and Clearing unit.
Prior to the merger of Instinet and Island ECN, Sterling was chief technology officer of Island ECN since its founding in 1997.
He will be a managing director at UBS, based in Stamford, Connecticut.
Instinet's executive vice president for strategic planning, Alex Goor, will replace Sterling as head of its alternative trading systems business. Goor was chief strategy officer at Datek Online Holdings before joining Instinet in 2002.
Last month Instinet chief operating officer Jean-Marc Bouhelier stepped down as part of the company's restructuring and consolidation with Island ECN, which it acquired in September 2002.