Goldman Sachs Group Inc. said it hired Ian M. Smith from Citigroup Inc. as head of electronic trading for the Asia-Pacific region as the U.S. firm seeks to expand its system globally.
Smith, most recently head of execution trading for the region at Citigroup, will be a managing director, said Connie Ling, a Hong Kong-based spokeswoman for Goldman Sachs. The hiring follows the departure of Shuya Kekke, former co-head of electronic trading, from Goldman Sachs earlier this year.
Smith becomes the fifth senior electronic trading specialist the Wall Street firm has recruited in the region in the past two years, spanning from Japan to Australia, Ling said. New York-based Goldman Sachs spent a year developing an electronic trading system for corporate bonds called GSessions that started operating in 2012.
“We have been building out our electronic trading platform in Asia, tripling the number of clients on the algorithmic customization platform and adding access to three new markets in the past year,” Canute Dalmasse, Asia-Pacific head of execution services, wrote in an e-mail today.
Smith will be based in Hong Kong, Ling said. Before Citigroup, he worked at Credit Suisse Group AG and led the development of the Swiss bank’s algorithmic trading strategies and related product development, she said.
James Griffiths, a Hong Kong-based spokesman for Citigroup, declined to comment on Smith’s departure.
Citigroup and JPMorgan Chase & Co. are among securities firms that bought execution-management systems starting in the mid-2000s to give clients including mutual funds access to exchanges and algorithms, or trading strategies that allow them to process larger orders in small pieces over a preset period.
JPMorgan has added six people to its Asia electronic trading team in the past three months, including Kekke.