ITG hires former JP Morgan trader for top strategy role

Brian Pomraning joined the agency broker on September 20 as a managing director and global head of strategy and planning, a newly-created role based in New York that sees him report to ITG’s chief financial officer Steven Vigliotti, according to a person familiar with the matter.

The move reunites Pomraning with Troise, ITG’s chief executive since January 2016. The pair have worked together previously at JP Morgan, Barclays and Lehman Brothers.

Pomraning was the London-based head of JP Morgan’s equity electronic trading business in Europe, the Middle East and Africa, before being named head of Americas electronic equity trading at the bank earlier this year. However, he left in June, according to a Bloomberg report.

ITG also hired Troise from JP Morgan – where he ran a cross-asset class execution services team – to help the broker recover from a US regulatory probe into wrongdoing in its US dark pool. That resulted in a $ 20 million settlement with the Securities and Exchange Commission.

Pomraning will help the broker implement the results of an end-to-end strategic review that Troise undertook during his first six months in charge.

Troise wants ITG to focus on its core equities franchise, spanning execution, liquidity, workflow and analytics services – or any products that help investors “after an investment decision is made”, he told FN earlier this year.

Since his arrival, ITG has either offloaded or closed several businesses deemed non-core, including its investment research, Canadian arbitrage and US matched-book securities lending operations.

Troise laid out a new strategic plan in July, in which he said said ITG would spend $ 40 million on its technology in the next 10 quarters. This includes plans to hire 60 people, mostly in 2017, with an emphasis on technology and client coverage positions.

According to an advertisement for the global strategy and planning role on ITG’s website earlier this year and seen by FN, the purpose of the job was to: implement results of end-to-end business review recommendations; design, implement, and administer governance processes; evaluate performance measures and standardise reporting metrics; and crystallise resources requirements.

Among the key skills required for the role were an “ability to challenge senior points of view and to encourage effective cross-regional and cross-functional relationships”, it said.

At JP Morgan, Troise and Pomraning helped the broker to become a top-tier electronic equities franchise, a task not without its challenges given the US bank had until that point been a strong high-touch house.

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