New York – Investment Technology Group, Inc. (ITG) has hired Jamie Selway to serve as a managing director in its New York offices. Mr. Selway recently worked for White Cap Trading, an agency brokerage that he co-founded in 2003. In the past he has worked as a chief economist for Archipelago and in equity derivatives research for Goldman Sachs. ITG has also hired three of Mr. Selway’s former partners at White Cap Trading. White Cap recently sent a letter to its clients stating that the firm has now closed due to an “increasingly challenging market environment.”
ITG’s hiring of Selway follows a recent trend by agency brokers to provide more content along with their execution services. Indeed, ITG’s press release on the hiring states that the addition of Mr. Selway “affirms ITG’s commitment to developing a differentiated portfolio of content offerings to complement our world-class trading analytics and execution capabilities.”
Previously in this space, Integrity has talked about a wide range of agency brokers who are trying to supplement their content offerings in manners similar to this. In January of this year, ConvergEx launched a corporate access program, which was followed by Instinet in March of this year, and Liquidnet launched a similar service about a year ago. CAPIS has also demonstrated their efforts in providing research content to go with their execution services, an effort we wrote about in January when the firm hired Anne Barlow to head their corporate access service.
In April of this year, ITG also announced a strategic partnership with Disclosure Insight, an independent firm specializing in providing forensic research. It would seem from their most recent hirings that the firm is continuing its trend towards increasing research offerings. In looking at all of the other offerings now out there, they are not alone.