Lee Porter, formerly head of member services in Asia for Liquidnet, has replaced David Klinger as head of the buy-side crossing network’s Asian operations.
Klinger resigned as managing director of Liquidnet Asia in May after three years building up the firm’s franchise in the region and is reported to be taking a break from the industry. He previously held positions at Credit Suisse and Westpac.
According to a spokesperson, Porter will be responsible for Liquidnet’s business strategy across the entire Asia-Pacific region, following some streamlining of the firm’s operations. Previously, Liquidnet Japan was managed on a standalone basis.
Despite difficult trading conditions across Asia, Liquidnet reported 10% growth in principal traded to US$1.8 billion in the second quarter of 2009, and a 9% quarter-on-quarter increase in average daily turnover to US$ 5.2 billion. Membership rose to 149 buy-side participants from 68 at the end of Q2 2008.
Liquidnet launched its Asian operations in November 2007 with Klinger at the helm and now has operations in Hong Kong, Singapore, Australia and Japan.
Porter has 19 years of industry experience and joined Liquidnet in July 2007 from Credit Suisse, where he was head of cash securities operations in Asia, including Japan. He previously worked at Citibank and HSBC.
“Lee is a proven leader and will be instrumental in expanding our local presence in this important region as we further grow our business,” said Seth Merrin, president and CEO of Liquidnet.