KCG Europe CEO Philip Allison Steps Down Following Virtu’s $1.4b Acquisition

Former CEO of Nasdaq Hollis Greifeld will become chairman of the board of Virtu Financial.

CEO at KCG Europe, Philip Allison, is leaving the company after its rival Virtu Financial completed the acquisition of its outstanding shares in a cash transaction valued at $20.00 per KCG share, or a total of approximately $1.4 billion.

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KCG wasn’t available to comment on the rumours and has not made any official statement regarding Allison’s destination or his successor.

Philip joined the business in 2014 after a 17-year career at UBS, most recently as Global Head of Cash Equities and EMEA Head of Equities, responsible for operations across more than 30 countries. The hire came as KCG, which was formed in 2013 by the merger of Knight Capital and Getco, was positioning itself as a new kind of securities firm, using technology from its high-frequency-trading business to bolster its more traditional trading services.

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Allison started his career two decades ago with UBS where he originally joined as trader in derivatives and index arbitrage strategies in the UK. Subsequently, he traded ETFs in the US.

In 2002, the bank promoted Philip to be tasked with global statistical proprietary trading and client algorithmic trading in Europe. Phil’s responsibilities expanded to include automated market making and he then served as Head of European Client Trading and Execution in 2008, where he was responsible for electronic trading in the region.

Mr. Allison is not alone in leaving. With the announcement of the imminent takeover, Charles Susi, Head of Institutional Sales and Electronic Trading at KCG, announced internally that he was leaving the company.

On the new owner’s side, Hollis Greifeld, the former CEO of Nasdaq, will become chairman of the board of Virtu Financial. Greifeld will take over from the high-frequency trading firm’s outgoing chairman, Vincent Viola, who will continue to serve on Virtu’s board of directors and its new strategy committee.

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