Daniel Coleman takes over at the head of market making firm.
Getco LLC has announced the appointment of Daniel Coleman as its CEO, effective immediately.
Coleman was previously serving as the company's global head of equities and client services. As part of the reshuffle, co-founder Stephen Schuler will assume the role of executive director. Prior to Getco, Coleman held senior-level positions at UBS, as its global head of equities and as a sitting member of both the investment bank's executive committee and UBS AG's group managing board.
"Daniel is perfectly aligned with our long-term vision of utilizing technology to transform how investors transfer risk," says Getco Co-Founder Dan Tierney. "His unique combination of professional experiences, leadership ability and business acumen make him the ideal leader for the next stage of our growth."
Coleman will renew the firm's focus on its risk transference strategy, as well as engaging in new markets. The appointment marks a growth and opening of the once-secretive high-frequency trading firm, in light of regulatory reform and incoming restrictions on banks such as the Volcker Rule. During his previous role at the firm, Coleman oversaw initiatives such as Getco Execution Services, which provides algorithms and execution to clients, as well as its designated market maker operation, which is now the second-largest at the New York Stock Exchange.
"When I joined Getco, I was on a personal mission to find a firm that was at the forefront of trading and technology, as well as focused on improving the markets for all investors," says Coleman. "Stephen and Dan built an amazing firm that has been a catalyst for positive change in the financial markets for the last 12 years. Getco's Associates are some of the most passionate and talented professionals I have had the pleasure of working with, and I look forward to building upon this tradition of excellence and innovation."