Source: Knight Capital
Knight Capital Group, Inc. (NYSE Euronext: KCG) today announced changes to its organizational structure and management under the new financial reporting segments which were effective for the third quarter earnings announced on October 19, 2011.
In the third quarter, Knight changed reporting segments from Equities, FICC and Corporate to Market Making, Institutional Sales and Trading, Electronic Execution Services, and Corporate and Other.
"Knight's new segments better reflect how we manage the business and provide a greater level of detail on performance," said Thomas M. Joyce, Chairman and Chief Executive Officer, Knight Capital Group. "In order to complete the re-alignment of resources, we've made some important adjustments to the organizational structure and management team. As a result of the changes, I believe we'll be better positioned to serve clients and make the most of our strengths and opportunities."
In Market Making, Senior Managing Director George Sohos will continue to oversee all global market making with added responsibility for broker-dealer sales and cash market making.
In Institutional Sales and Trading, Executive Vice President Greg Voetsch has voluntarily resigned his position to pursue other opportunities. Managing Director Joe Mazzella has been named interim head of institutional equities. Senior Managing Directors Bob Lyons and Al Lhota will continue to oversee institutional fixed income, which includes new issuance through capital markets and reverse mortgage origination.
The Electronic Execution Services segment will be run by Managing Director David Lehmann.
"In his nine-year career at Knight, Greg Voetsch helped re-build institutional equities from the ground up as well as drive the sales of institutional electronic offerings Knight Direct and Hotspot FX," said Mr. Joyce. "We truly appreciate his contributions and wish him nothing but the best in all future endeavors."
Under Knight's new financial reporting segments, Market Making consists of all global market making which includes Knight Link and the company's activities as a Designated Market Maker at the NYSE. Institutional Sales and Trading includes full-service institutional research, sales and trading as well as equity and debt capital markets, reverse mortgage origination and asset management. Electronic Execution Services includes Knight Direct, Hotspot FX and Knight BondPoint. Corporate and Other includes strategic investments primarily in financial services-related ventures, clearing and settlement activity, corporate overhead expenses and all other expenses that are not attributable to the other reporting segments.