JonesTrading Institutional Services LLC, a leading agency brokerage, which provides institutions with block trading of U.S. and international securities, announced today that it is expanding its services to include global commission management. The firm has named industry veteran John McGough as Managing Director to spearhead the expansion. Previously, Mr. McGough was Director of Commission Management Services for BTIG. This latest initiative reflects the firm’s continued growth of its services, which recently included adding additional asset classes and regions for trading.
JonesTrading’s commission management services will soon offer a virtual aggregation/broker neutral platform to manage CCA/CSA business across multiple brokers, thereby reducing counterparty risk through diversification.
It also provides the firm’s clients with a CMS service that enriches and complements the overall JonesTrading experience by combining the opportunity for best execution with the ability to pay for research in a conflict free environment.
To facilitate business development in commission management, Mr. McGough will be New York based. Prior to JonesTrading, he was Director of Commission Management Services for BTIG, responsible for the Global expansion of BTIG’s Commission Management business. Before BTIG, he established the Commission Management efforts for Kellogg Partners and The Island ECN. He was also head of Soft Dollar Sales for the Prudential Equity Group. He began his career in Institutional Soft Dollar Sales with Standard & Poor’s Securities. He has a BS from St. Peter’s College.
Said Packy Jones, Chairman and CEO of JonesTrading: “Over the last several years JonesTrading has expanded our agency, relationship based business across asset classes as well as into Europe, Asia and Canada. This latest move into commission management expands the breadth and depth of our offerings, and responds to a critical client need. Combined with our previous initiatives, commission management brings institutions and hedge funds the already established benefits of our execution capability combined with access to qualified 28(e) research. John McGough brings to our clients valuable insights and guidance for managing their commission management business. His proven experience in building commission management operations will be critical to our effort to offer a competitive service. This latest expansion builds out our franchise in a new direction while retaining the model our clients rely on to source liquidity and secure quality execution.”
Said John McGough, Managing Director, JonesTrading: “JonesTrading has built its franchise based on relationships and an understanding of client intent, strategy, and style. Our new commission management platform will enhance performance and improve efficiency for our clients by expanding the allocation of their valuable commission dollars.”
