Legal and General Investment Management’s (LGIM) global head of trading, Stephen Grady, has left the asset manager, marking the latest high profile trader to depart from a buy-side firm.
Responsibility for LGIM’s global trading operations will be split between senior traders in London and Chicago, a spokesperson confirmed, and will continue to report to Simon Wilkinson, head of LDI funds.
Grady’s exit is the latest in a string of high-profile buy-side departures, potentially signalling a trend among the top asset managers that a single global head of trading is no longer the way to go.
Last year, Schroders global head of trading Rob McGrath left the UK asset manager, with his global trading roles split between Robbie Boukhoufane, global head of fixed income and FX trading, and Greg Dalley, global head of equity trading.
Most recently, BlackRock named its senior electronic trader Suprana VedBrat as its new head of global trading, while also confirmed its global head of fixed income and currency trading, Chris Vogel, will depart in August.
Grady led LGIM’s global trading unit for almost five years, joining from Barclays Wealth in 2012 where he was global head of dealing and sales trading.