Macquarie Group Ltd. (MQG), Australia’s biggest investment bank, hired Kenneth Savio as the New York- based head of its U.S. equity trading, derivatives and research operations, according to a company memo.
Savio will start as senior managing director and head of Macquarie Securities in the U.S. on May 16, according to the memo obtained by Bloomberg. He will report to Stevan Vrcelj, group head of Macquarie Securities, Todd Steinberg, global head of Derivatives Delta One, and Tim Bishop, president and chief executive officer of the U.S. operations of Macquarie Capital.
Savio left Cantor Fitzgerald LP, which he joined in 2009, in March 2011 after Jarred Kessler replaced him as global head of equities the month before, according to data compiled by Bloomberg. He worked at Bear Stearns Cos. between 1988 and 2008, and then BTIG LLC and Guggenheim Securities LLC.
“Ken has a long career history in the securities business, and will bring an integrated approach to cash and derivatives to our U.S. franchise,” said Stephen Yan, a Macquarie spokesman who verified the authenticity of the memo. Savio didn’t reply to an e-mail requesting comment.
Macquarie Group, based in Sydney, said last week earnings this year will top the A$956 million ($1.02 billion) profit reported for the 12-month period that ended March 31 as its U.S. expansion boosts returns. Chief Executive Officer Nicholas Moore positioned the Australian bank for a rebound in markets by expanding in the Americas, Asia and Europe, which accounted for a record 64 percent of earnings in the second half of last year.
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