The fund manager’s New York-based head of trading, Rob McGrath – who oversaw more than 40 traders across equities, fixed income and foreign exchange – left his role in May, a spokeswoman confirmed. Also departing Schroders as a result of the changes is Nick Robinson, head of fixed income trading in London.
McGrath’s responsibilities have been split between London-based head of equity trading, Gregg Dalley, and Robbie Boukhoufane, who will now oversee a combined fixed income and FX trading desk.
Both Dalley and Boukhoufane will report to John Marsland, Schroders’ chief operating officer for investment.
The move bucks the industry trend, with many asset managers creating new global heads of trading roles to oversee multiple asset classes. The moves have been aimed at cutting costs and acknowledging that trading techniques across asset classes are converging. However, many still believe fixed-income markets will retain more traditional elements of execution.
In April, Fidelity International merged its global equity and fixed income trading teams and created a new global head of trading role. The change in structure prompted the departure of its global head of equity trading, Mark Northwood, a 17-year veteran of the firm.
The German asset manager Union Investment also created a cross asset class trading desk in August 2015, led by its head of trading Christoph Hock, who now oversees equity, derivatives, FX and fixed income trading.
McGrath leaves Schroders after more than 14 years. He first joined in 2003 as an international equity trader in New York, becoming head of equity trading for the Americas in 2003 and global head of trading in 2010, according to his LinkedIn profile.
Robinson’s tenure with the asset manager was even longer, having joined Schroders in 1993 from NatWest Stockbrokers. He had become the firm’s head of fixed income trading in 1999.
Their departures are the latest high-profile exits from the buyside’s dealing community. In April, along with Northwood’s departure, FN also reported that Christoph Mast, Allianz Global Investors’ head trader from 2003 until January this year, was set to retire from the company after 16 years.
Meanwhile, BlackRock’s head of global equity trading Paul Walker-Duncalf left in July 2015, and was succeeded by the group’s US equity trading head Paul Whitehead. Jim Conway, the global head of trading at Standard Life Investments, retired in the spring of 2015 and was replaced by Steven Swann.
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