Bank of America Corp., the second-largest U.S. lender, promoted Ashok Krishnan to lead its execution services business globally, succeeding Roger Anerella who is leaving the firm.
Krishnan, who ran the business in Europe, the Middle East and Africa, will start the job immediately, according to an internal memo obtained by Bloomberg News. He will continue to be based in London and report to Fabrizio Gallo, global head of equities and head of EMEA Global Markets. Anerella is leaving the bank to pursue other interests, the memo said.
“Electronic trading is a key area of focus for the firm and the provision of cutting edge electronic trading solutions for our clients is core to our offering,” Gallo wrote in the memo. “We anticipate significant growth opportunities in this area over the course of 2012 and beyond.”
Krishnan is an engineer by training and graduated from the London Business School. He joined Merrill Lynch & Co., now owned by Bank of America, in 2005 from Lehman Brothers Holdings Inc.’s London office, where he was responsible for developing the bank’s electronic trading system in Europe.
Born in India and a cricket enthusiast, Krishnan is responsible for electronic trading including sales, product development and services. He will oversee direct market access, algorithmic trading, dark pools and related services and market structure for the bank.
Andrew Todd, a spokesman for Bank of America, declined to comment.
In Europe, Bank of America is a shareholder in Turquoise, which the biggest banks own jointly with London Stock Exchange Group Plc. The firm also owns a stake in Bats Global Markets Inc., the third-largest U.S. equity-exchange operator and controller of Bats Chi-X Europe.