Getco Names John DiBacco as Head of Equities TradingAmbereen Choudhury
Getco LLC, the closely held high-frequency trading company that’s acquiring Knight Capital Group Inc., named former UBS AG manager John DiBacco as global head of equities trading.
DiBacco is among executives retained for the new management team of the combined firm, Getco and Knight Capital said in a statement yesterday. DiBacco was a manager of Kweku Adoboli, the former UBS trader sentenced by a London court in November to seven years in jail after a $2.3 billion loss from unauthorized trading.
“We are fortunate to have a strong team of senior managers at both Knight and Getco,” Daniel Coleman, chief executive officer of Getco, said in the statement. “We appreciate the significant leadership contributions from both organizations.” Coleman is a former UBS global head of equities, who left the firm after about 24 years in 2010.
DiBacco, who was based in New York for UBS, said last year in a testimony at Adoboli’s criminal trial that he was “surprised” at the large positions traders in the British capital were taking. DiBacco, who ran the exchange-traded funds desk and departed after about 13 years at UBS, said at the time that he had no idea that Adoboli had been faking transactions for as long as three years.
A spokeswoman for Getco in Chicago wasn’t immediately available for comment. DiBacco didn’t immediately respond to an e-mail and a telephone call seeking comment.