Nomura's zero-bonus algo trading arm leaking staff to JPMorgan and fintechs
It's an awkward time to work at Instinet. The electronic trading arm of Japanese bank Nomura is said to have paid zero bonuses in 2024 and even cut some of its ~850 staff. Others have seemingly been leaving of their own accord, such as Anushree Laturkar who just announced that she's joined JPMorgan.
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The US bank has hired Laturkar as its head of Americas algo product in New York. It's not clear exactly what the role entails, but if her previous roles are anything to go buy, it will involve a mixture of quantitative analytics and consulting for the bank's algorithmic trading teams.
Laturkar spent the last 16 years at Nomura, 12 of which were at Instinet. She served as the firm's head of Americas electronic trading product, which involved providing performance analytics and consulting on the firm's trading strategies. Prior to Instinet, she was Nomura's head of quant analytics. She also started her finance career as a quantitative researcher in equities at Lehman Brothers.
She's not the only female senior employee to find a new gig this month; Europe head of execution sales Seema Arora, who was put at risk of redundancy back in May, recently joined Stifel as an MD a few weeks ago. Laturkar's arrival at JPMorgan may not be instant, however. She's still registered as an Instinet broker on FINRA's registry.
A large group of Instinet employees also migrated to fintech. Cloud infrastructure fintech Clear Street has been expanding into other functions like investment banking and announced it was buying Instinet's Fox River algorithmic trading execution business in July; now they're finally crossing over. The team consists of at least seven executive directors and three managing directors: Brian Madigan, Andrew Mader and Henry Marigliano.
Another MD, Arman Artuc, left for a different fintech last month. He joined investment management operations platform Enfusion as its head of engineering.
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