(Bloomberg) -- UBS Group AG hired longtime trading executive Brian Williamson as it seeks to expand its US execution hub, set up to help asset managers and hedge funds cut costs tied to running a trading desk.
Williamson, who most recently was head of sales of the trading firm Luminex, joined UBS as an executive director, according to a memo to staff seen by Bloomberg. A 30-year trading veteran, he also previously worked at Liquidnet, the memo said.
“Brian will be dedicated to outsourced sales solutions and focused on accelerating our distribution efforts,” Jonathan Slavin, managing director for UBS’s execution hub in the Americas, said in the memo. A spokeswoman for UBS confirmed its contents.
Money managers have increasingly turned to outsourced trading desks as the global shift to passive investing has put pressure on their margins.
UBS, for its part, has been building out its outsourced trading desk for years. The division can replace an investor’s trading desk entirely by handling all its orders or simply act as a backup when clients’ staff are out of pocket.
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