Institutional broker, Instinet, has announced the hiring of Bill Selig to correspond with the Asian roll out of Newport, its next generation portfolio trading system. Selig has been appointed to the newly created position of director of sales to market the Newport platform, which provides pre and post trade analysis and Instinet's neutral agency brokerage services to clients in Asia ex-Japan.
From the company's Hong Kong office, which was established in 1991 and now oversees the Asia ex-Japan business, Selig will service new and existing clients across the region as the Newport product is rolled out.
According to Instinet, the functionality of Newport will be to improve a trader's productivity and execution ability. The platform can either be used stand-alone, or can be integrated into a client's existing order management and middle and back-office systems.
Selig comes to the Instinet team in Hong Kong from Bloomberg Tradebook where he was director of equity and FX electronic trading products for the global electronic agency brokerage. He moves from Tradebook in the US where he worked from 2003 to 2004. Before his US posting, Selig worked with the organisation in its Hong Kong office for two years.
"When Instinet approached me I saw a great opportunity to be able to marry the traditional agency business with a very sophisticated, robust equity execution management system," says Selig. "Since the Asian investment community has not really embraced execution risk, Instinet bridges that gap by providing both traditional agency execution services with direct market access."