ITG Grows Asia Pacific Operations with Two New Business Heads
Butler was Senior Vice President of algorithmic trading in the US and has worked at ITG for over five years. Corcoran moves to Sydney from the Hong Kong office. He also has over five years of experience with ITG and previously worked as Head of Sales and Trading at BBY in Australia.
ITG is building on its international success to lead the growth of electronic trading across Asia. The company uses advanced technology to improve trading efficiency and cut costs for the buyside. As trading becomes increasingly automated across Asia Pacific, ITG is expanding its offering to include a broader range of technology-based tools. These include improved crossing (anonymous matching of buy and sell orders to reduce cost) via the POSIT(R) suite of products, algorithmic trading and analysis of transaction costs.
Alasdair Haynes, Chief Executive Officer of ITG's international operations, said: "I'm delighted that Gabe and Michael have joined the Hong Kong and Sydney offices to lead us through our next stage of growth. Fund managers in Australia and Asia are facing the same problems as fund managers elsewhere in the world: high trading costs can affect the overall performance of funds. The Asian region is highly complex, and each market has its own challenges. For fund managers trading across the region, advanced technology can unite the differences between markets and help reduce costs. I look forward to continuing to grow our Hong Kong and Australian offices as we introduce a wider range of intelligent trading tools over the coming year."
Investment Technology Group, Inc. (NYSE:ITG), is a specialized agency brokerage and technology firm that partners with clients globally to provide innovative solutions spanning the entire investment process. A pioneer in electronic trading, ITG has a unique approach that combines pre-trade analysis, order management, trade execution, and post-trade evaluation to provide clients with continuous improvements in trading and cost efficiency. The firm is listed on the NYSE and headquartered in New York with offices in North America, Europe and the Asia Pacific regions.
ITG employs over 80 people across Asia Pacific with offices in Hong Kong, Tokyo, Sydney and Melbourne. The firm has operated in the region for over 10 years to build an established client base. In 2002, this was bolstered through the acquisition of Hoenig and its history of nearly 20 years of trading in Asia.
ITG trades over 29,000 Asia Pacific financial instruments for clients around the world and provides direct market access to Hong Kong, Japan, Singapore, Taiwan, Korea and Australia, with additional trading in Thailand, Malaysia, the Philippines, New Zealand, Indonesia and China ("B" Shares).
For additional information, visit www.itg.com
In addition to historical information, this press release may contain "forward-looking" statements, as defined in the Private Securities Litigation Reform Act of 1995, that reflect management's expectations for the future. A variety of important factors could cause results to differ materially from such statements. These factors include the company's ability to achieve expected future levels of sales; the actions of both current and potential new competitors; rapid changes in technology; financial market volatility; general economic conditions in the United States and elsewhere; evolving industry regulation; cash flows into or redemption from equity funds; effects of inflation; customer trading patterns; and new products and services. These and other risks are described in greater detail in the company's Annual Report on Form 10-K for the fiscal year ended December 31, 2006, and other documents filed with the Securities and Exchange Commission and available on the company's web site.
SOURCE: Investment Technology Group, Inc.
ITG Media Relations
Clare Rowsell, +852-2846-3567