"I have worked with Todd for five years and have complete confidence in his talent and ability to lead LJR in continued growth," said Howard Schwartz, Chairman of LJR. "I know that LJR's clients will continue to receive the same exceptional level of service that has set LJR apart from the competition."
"Over the last two years LJR has provided Instinet with additional order flow and new client relationships with hundreds of pension plans and over 700 investment managers globally," said Todd Burns, President and CEO of LJR. With clients in 15 countries and an average growth rate of 25 percent a year since 1997, we look forward to continuing our contribution to Instinet's global expansion."
Howard Schwartz has held a leadership position with LJR since 1991, when he led a group of senior managers in the purchase of LJR from Citicorp. As President and CEO for more than a decade, and Chairman since 1994, Mr. Schwartz directed LJR's continued growth. Mr. Burns has been a key member of LJR's senior management team, playing a strategic role in the leadership and expansion of LJR over the last five years.
Commission recapture is a process whereby transaction "credits" are channeled back to a fund instead to its investment managers. This allows sponsors and funds to unbundle research from execution and to pay only for execution. Today, with more than 1,200 clients in the United States and abroad, LJR is the single largest provider of commission recapture services worldwide.
"Though we at LJR will miss Howard's unique contribution and dedication to the business, we will continue to provide our clients with the unsurpassed level of service they have come to expect from us," added Mr. Burns.
About Instinet
Instinet, through affiliates, is the largest global electronic agency securities broker and
has been providing investors with electronic trading solutions for more than 30 years.
Our services enable buyers and sellers worldwide to trade securities directly and
anonymously with each other, have the opportunity to gain price improvement for their
trades and lower their overall trading costs. Through our electronic platforms, our
customers also can access over 40 securities markets throughout the world, including
Nasdaq, the NYSE and stock exchanges in Frankfurt, Hong Kong, London, Paris, Sydney,
Tokyo, Toronto and Zurich. We also provide our customers with access to research
generated by us and by third parties, as well as various informational and
decision?making tools. We act solely as an agent for our customers and do not trade
securities for our own account or maintain inventories of securities for sale. For more
information, please go to www.instinet.com.
