Luminex Trading & Analytics LLC has undergone a previously announced CEO transition, culminating in the naming of a permanent CEO ahead of its launch, according to a Luminex statement.
Luminex is slated for a Q4 2015 launch, with focus relegated to independent investment managers and a longer-term focus on trading large blocks of stock with other investment managers. The archetype of the company is derived from nine leading investment institutions in the market today.
Leading Luminex into its launch date and beyond will be Jonathan A. Clark, who has assumed the role of permanent Chief Executive Officer (CEO), effective immediately. He will be replacing the former interim Michael S. Cashel who will return to his position of Senior Vice President (SVP) of Fidelity Trading Ventures . Despite the move, Mr. Cashel will continue to serve in an advisory role to Luminex.
NEXT BLOCK SOFIA 2.0 + Fabulous Blockchain After-PartyGo to article >>
Kevin Cronin, Luminex Board member and Global Head of Trading of Invesco Advisers, Inc, said in a recent statement on the appointment: “On behalf of the Luminex Board I would like to thank Mike for his tremendous efforts in establishing Luminex and positioning the company for a successful launch. With the appointments of Jon and his team, we have delivered on our commitment to bring independent leadership to Luminex and we look forward to the opportunity to provide the buy-side with an efficient and low cost trading platform as we progress toward launch.”
“I am excited to assume the role of CEO and look forward to bringing the unique benefits of the Luminex platform to our clients. Client interest is robust as the prospect of a well-capitalized, independent platform which provides a low-cost, transparent solution for block trading clearly resonates with investors. I am confident in the tremendous talent we have added to our leadership team and look forward to a successful launch of trading in the fourth quarter,” added Mr. Clark in an accompanying statement.
Earlier this year, a total of nine leading investment management firms coalesced into Luminex, having originally installed Michael Cashel as its Interim-CEO back in January. Since then, Luminex Trading & Analytics LLC has operated as a fully independent entity, headed by veteran leadership and governed by a comprehensive board of directors from each of nine leading investment firms, including BNY Mellon, BlackRock, Capital Group, Fidelity Investments, Invesco, JP Morgan Asset Management, MFS Investment Management, State Street Global Advisors, and Rowe Price.