ITG Adds Kevin Lynch to Board After Activist Investors’ Urgingby
Investment Technology Group Inc. has added money manager Kevin Lynch to its board, at the urging of activist shareholders Philadelphia Financial Management of San Francisco and Voce Capital Management LLC.
Lynch, now a private investor following nine years at Jana Partners LLC, will serve on the board’s capital committee, which tracks how the brokerage is spending money, according to a statement Friday.
His appointment comes amid a streak of leadership changes -- including a new chairman and chief executive officer -- in the aftermath of ITG’s $20.3 million penalty for alleged wrongdoing in its dark pool. In January, Frank Troise became CEO and Minder Cheng became chairman. ITG is conducting a review of its entire business, which is due to be completed by the second quarter, Troise said on the company’s most recent quarterly earnings call.
“As a result of the reconstitution of ITG’s Board and senior leadership, we believe that shareholder interests are now adequately represented,” J. Daniel Plants, the founder and chief investment officer of Voce Capital, said in the statement.
Philadelphia Financial and Voce together own almost a 10 percent stake in ITG, according to data compiled by Bloomberg.