ITG (NYSE:ITG), an independent broker and financial technology provider, has appointed Minder Cheng and Frank Troise to a pair of new executive positions, according to an ITG statement.
More specifically, Minder Cheng has been named as the group’s newest Chairman of its Board of Directors while Frank Troise has joined ITG as its Chief Executive Officer (CEO), President, and member of the Board of Directors, both of whose appointments are tendered with immediate effect.
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Mr. Cheng had already held a directorship at ITG since November 2010, however he currently maintains the role of Chairman of the Board of Directors at MediaCrossing Inc., as well as senior positions at other venues. Previously, Mr. Cheng has also served as the Chief Investment Officer (CIO) for Index Equity and Capital Markets at BlackRock.
Meanwhile, Mr. Troise has landed at ITG from JPMorgan – in this capacity he worked as its Managing Director and Head of JPMorgan Execution Services, a global multi-asset execution unit within the investment bank. Before his time at JPMorgan, Mr. Troise also worked as the Global Head of Electronic Trading at Barclays Capital and Head of U.S. Electronic Execution at Lehman Brothers. Additional stops also include his first stint at ITG itself, when he worked as its Managing Director in charge of client site sales and trading.
According to Mr. Cheng in a recent statement on the appointment: “I am looking forward to taking on this new role and working closely with my Board colleagues, Frank Troise and the entire ITG management team as we work to regain operating momentum and maximize shareholder value. I would like to thank retiring ITG Chair Maureen O’Hara for her dedication and guidance over the past eight years and also my fellow Board colleague, Jarrett Lilien, for his strong leadership as interim CEO at a critical time in ITG’s history.”