In an effort to reduce costs, ITG reorganized its management, causing an exodus of six managing directors from the firm. Three of the senior executives were members of ITG’s management committee.
All of the executives were longtime employees. The cutbacks also included staff reductions in Europe, as well as roughly 30 support people in Culver City, Calif., where the firm’s computer programming development takes place, according to a knowledgeable source. ITG declined to comment.
The three members of ITG’s management no longer with the firm are Chris Heckman, a managing director who ran U.S. sales and trading; Hitesh Mittal, a managing director and head of liquidity management and algorithmic trading; and Mark Wright, a managing director who ran global product development.
Heckman, who joined ITG in 1991 from Salomon Brothers, retired from the firm, according to one source. He will be replaced by David Stevens, who currently runs Asia sales and trading. Stevens will run sales and trading in both Asia and the U.S.
Mittal’s replacement to run liquidity management will be Jamie Selway, a managing director who joined ITG last year. Selway, an economist by training, is widely quoted in the press and a frequent speaker on industry panels on issues relating to market structure and regulation. Jeffrey Bacidore, a former managing director at Goldman Sachs Asset Management, will join the firm and run algorithmic trading, according to a source. At Goldman, Bacidore was co-head of trading, head of algo trading and ran trading research, according to his bio on LinkedIn.
Other managing directors who received a pink slip include a group of pros who were involved in either product development or sales or both.
Henry Yegerman, a managing director who joined ITG in 1999, specialized in trade-cost analysis research and co-wrote several papers on trading costs and algorithmic trading with Ian Domowitz, who heads analytic products and research. Domowitz was unaffected by the reorg.
Pete Mulieri, a managing director in Boston, joined ITG in 1990. Mulieri, a former aerospace employee at McDonnell Douglas and Grumman Aerospace, was involved in building ITG’s QuantEx trading product. Mulieri also covered several large accounts in Boston, according to one source.
Jon Fatica, a managing director who joined ITG in 2002, specialized in post-trade analytics. A former financial services consultant to some of Wall Street’s largest firms, Fatica sold the firm’s TCA product to clients.
