Former Goldman Sachs ETF head to join Citadel Securities

Former Goldman Sachs ETF head to join Citadel Securities

Former Goldman Sachs ETF head to join Citadel Securities by Annie Massa

Citadel Securities hired Cory Laing from Goldman Sachs Group Inc. to run sales for exchange-traded funds, the latest high-profile addition at the trading firm.

Laing spent about 16 years at Goldman Sachs, according to his LinkedIn profile, most recently running the bank’s ETF sales. His sales team at Citadel Securities aims to persuade brokers to send more of their clients’ ETF trades to Citadel Securities.

“We’ve been making a really big investment in our ETF desk,” said Jamil Nazarali, head of execution at Citadel Securities who confirmed Laing was joining the company. “It’s a big growth area for us.”

The company, part of billionaire Ken Griffin’s Citadel LLC, plays a significant role in U.S. stock trading -- a related asset class -- and now trails only NYSE Group, Nasdaq Inc. and Bats Global Markets Inc. in terms of how much volume it handles. ETFs have exploded in popularity in recent years, making it a natural place for an equities market maker to expand.

Laing follows other high-profile hires by the firm. Citadel Securities brought on Microsoft Corp.’s Kevin Turner as its chief executive officer last week. Nazarali said Shane Swanson, an executive at Automated Trading Desk, joined after Citadel Securities bought the company from Citigroup Inc. this year. The company’s hedge-fund arm also hired Mark Holder, a former electronic trading executive at UBS Group AG, to join as global head of trading this fall.

Citadel Securities has added employees to the ETF business both in the U.S. and abroad, including at the company’s Dublin office, which is slated to open in early 2017, Nazarali said.

Bloomberg News

Related stories:
Wealth managers set for competitive advantage
Goldman Sachs swoops to hire from rival firm