Knight Exec Departs after Merger with GETCO Is Official
Earlier this month, Thomas M. Joyce left KCG Holdings, the company resulting from the merger of Knight Capital Group and GETCO, according to media reports. Joyce’s most recent post was as executive chairman, helping oversee the merger of the two firms.“With the transaction with GETCO completed, and after careful consideration, I have decided that now is the right time for me to resign as Executive Chairman and leave the organization,” Joyce says in his resignation letter to the KCG board, which was released to the press. “I take great pride in the fact that ‘legacy Knight’ is operating so well as it moves into KCG Holdings.”
At Knight, Joyce served as CEO of Knight since May 2002, a director since October 2002 and chairman of the board of the company since December 2004, officials say. Before his tenure at Knight, Joyce served as global head of trading at Sanford C. Bernstein & Co. from December 2001 to May 2002.
Prior to that post, Joyce held leadership roles in the global institutional equity business during his 15 years at Merrill Lynch & Co., where his last position was head of global equity eCommerce from 1999 through 2001.
The merger between Knight and GETCO was approved by the stockholders of both companies at special meetings held June 25, officials say. Daniel Coleman is the CEO for KCG, the same post he held at GETCO; he and Joyce led the merger of the two firms. Coleman’s most recent roles were as global head of equities and global head of client services. He was named CEO of GETCO in February 2012.
In August 2012, an IT glitch led to a $400 million trading loss for Knight and sent the firm into a tailspin. Joyce shepherded the firm through this period to the $1.4 billion merger with GETCO.
Knight’s and GETCO’s operations and offerings will be combined with “limited changes to current products and services expected in the near term,” say KCG officials in a statement.
Morgan Stanley Vet Takes CRO Post for Harvard Endowment
Jake Xia, CRO, Harvard Management Company
Harvard Management Company, the investment management firm overseeing the Harvard endowment, has hired Jake Xia, who worked at Morgan Stanley for 17 years, as the company’s chief risk officer. Xia takes over for Neil Mason, who returned to England for family reasons earlier this month, officials say.
Xia will be a member of HMC’s management team, and will manage the group within HMC overseeing and quantifying risk exposures arising from both internal and external investment portfolios. Xia will also oversee policies and procedures to analyze and monitor investment risks in order to optimize the risk and return of the overall Harvard endowment.
At Morgan Stanley, Xia served as head of global structured rates trading in New York and managing trading groups across the globe, including groups in New York, London, Tokyo, Hong Kong and Sydney. Prior to this role, he was the head of global fixed income trading risk in New York, where he was responsible for trading risks in all fixed income products, including interest rates, foreign exchange, emerging markets, credit, and real estate securities.
Xia also served as Morgan Stanley’s co-head of fixed income in Japan where he was also a member of Morgan Stanley’s 10-person global fixed income operating committee, Asia Executive Committee, and Tokyo Management Committee.
Prior to joining Morgan Stanley, Xia served as Vice President of Fixed Income Research at Salomon Brothers and was a research scientist at Schlumberger-Doll Research.
Goldman Sachs Names Successor for Asia-Pacific Post
Goldman Sachs Group will promote Ken Hitchner to president of Goldman Sachs in Asia Pacific Ex-Japan later this year after the retirement of David C. Ryan, who has held the post since 2011, officials say. Ryan’s retirement was announced July 2.
Hitchner will have day-to-day responsibility for all of the firm’s businesses in the region, say officials. He will be based in Hong Kong and will work with Mark Schwartz, chairman of Goldman Sachs Asia Pacific, and Masa Mochida, president of Goldman Sachs Japan.
A senior investment banker, Hitchner is global head of the healthcare banking group and global co-head of the technology, media and telecom group. He joined Goldman Sachs in 1991 in the corporate finance department and joined the healthcare banking group as a founding member in 1995. He became head of Goldman Sachs’ global medical device banking practice in 1998 and head of the global pharmaceutical banking practice in 2001. He was named managing director in 2000 and partner in 2002.
Before Goldman Sachs, Hitchner was a lieutenant commander and naval aviator in the US Navy.
Ryan joined Goldman Sachs in 1992 as a financial analyst in the investment banking division (IBD), officials say. In 2005, he moved to Hong Kong to head the Financing Group in Asia Ex-Japan, and in 2008 he relocated to Singapore to become chairman of South East Asia. He was named head of IBD in Asia Pacific Ex-Japan in 2010. After his retirement, Ryan will become a senior director of the firm.
Computershare Hires for Division
Charlie Gibbons, senior director – strategic accounts, Computershare Communication
Computershare Communication Services, a division of securities services vendor Computershare, has appointed Charlie Gibbons as senior director – strategic accounts, say officials. Most recently, Gibbons was president and CEO of Daly Management, a business and strategic consultancy providing outsourced executive and operations management to several industries such as financial services.
Gibbons has also served as a senior executive at professional services firms including Wausau Financial Systems, PricewaterhouseCoopers and IBM, officials say.
Computershare provides transfer agency and share registration, employee equity plans, proxy solicitation and stakeholder communications solutions.
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