Ian Power has joined BTIG as managing director, head of EMEA outsource trading as the firm continues to expand its outsourced trading offering amid market shifts in the space.
Power had most recently served as head of UBS’ Execution Hub, EMEA, appointed to the role just weeks prior to UBS’ decision to shutter its outsourcing service.
Power left the business following its decision to exit, as revealed by The TRADE at the time.
Read more: UBS makes shock exit from outsourced trading game
In his new role, Power is set to build out the offering – as he did previously at UBS – across EMEA, The TRADE understands.
Privately owned investment bank and execution broker BTIG is a long-standing operator within this sphere, having run an outsourced trading business for the last 20 years.
Specifically, BTIG’s outsourced service comprises six outsource buy-side trading desks globally with more than 25 dedicated outsource traders.
Currently, the firm’s outsourced trading offering has in excess of 600 clients, with plans in place to grow this further in the coming months.
Read more: Outsourced trading: Easy to do, difficult to get right
The firm’s expansion comes as other firms, most recently BNP Paribas, have also announced exits from the outsourced trading game.
In light of this, some banks, including names such as BNY, State Street and Northern Trust, as well as BTIG, are investing in the service to fill the void (as are some smaller shops offering specialised outsourced trading services).
BTIG declined to comment when approached by The TRADE.