Credit Suisse is snapping up a specialist in algorithmic trading from Instinet. It is the Swiss bank's second high-ranking hire from the New York-based rival broker in three months.
The Zurich-based bank is hiring John Comerford as its new head of strategy in quantitative trading from February, according to a memorandum seen by finews.asia. Quant trading relies heavily on mathematical calculations to spot trading opportunities.
Comerford is a ten-year veteran of U.S. broker Instinet, which belongs to rival investment bank Nomura. His most recent role was head of global trading research, where he built Instinet's algorithmic and analytics trading platform. He will report to Anthony Abenante, who ran Instinet until 2012 and surfaced at Credit Suisse as head of electronic products this August.
The move, first reported by «Financial News,» is emblematic of Credit Suisse's desire to bolster its equities franchise, which suffered a 16 percent drop in revenue in the first nine months.
