Nex Group, formerly Icap, has made its first senior management change since its formation late last year, promoting a former Goldman banker who joined in November to replace the founder and chief executive of one its main tech units after he left the role.
Nex said in a statement on Monday Stuart Connolly, who joined the group in November last year, has been appointed to replace Per Sjoberg, the founder and chief executive of Nex’s TriOptima, after he said he is leaving that business.
The firm said the appointment is subject to the approval of Sweden’s Financial Supervisory Authority, which oversees the Nex’s post-trade technology business.
Michael Spencer, CEO of NEX Group, said: "We thank Per for all of his contributions since founding TriOptima in 2000. Per saw TriOptima grow from its roots in Stockholm when it was a seed of an idea, to a market leading, global business.
"I am disappointed that he has decided to step down but he leaves the business in a strong position on which we continue to grow for the future. I am grateful for his contribution to TriOptima’s success and wish him all the best going forward."
Connolly joined Icap’s post-trade tech business, now called Nex Optimisation, as head of client product development in November 2016 to work on harmonising the data services across the firm’s various post-trade businesses.
He joined from Goldman where he worked for 18 years and held various roles including managing director of the bank’s securities division and head of EMEA derivatives clearing.
Nex was formed in late December when Icap completed the landmark sale of its voice brokerage unit to rival Tullett Prebon, leaving Icap with its faster growing electronic brokerage and post-trade units, which have now been consolidated under the brand Nex Group.
TP Icap, which is the new name of Tullett plus the Icap brokers, made its first acquisition under its new guise and hired the former chief operating officer of Aberdeen Asset Management last month.