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June 20, 2018  

Trade-Execution Shop Expands in US

Outset Global Trading, a London-based firm offering trade-execution services to hedge funds, is expanding its footprint in the U.S.

The firm added a fifth trader to its New York office this month, hiring Daniel Lilly from rival outsourced-trading shop Weeden Prime Services. Outset now has more traders working in New York than in London, where it employs four.

At the same time, Outset hired a new chief operating officer on June 1, stationing him in the New York office to support the expansion effort. The recruit, Michael Schilling, previously co-founded Rhino Trading, an equity research and trading shop in New York.

Schilling replaces Scott Wade, who worked in London. He left the firm earlier this year, destination unknown.

Outset caters to more than 100 institutional investors — about half of them hedge fund managers. It is among a small but growing number of outsourced trading shops including BTIG, Tourmaline Partners, Weeden and Williams Trading. Just this month, Jefferies formed a trade-execution unit within its prime-brokerage division, hoping to capitalize on a trend in which increasing numbers of fund managers are outsourcing some or all of their trading functions in an effort to cut costs.

Outset was founded in 2012 by Raymond McCabe and Adam Bandeen, who previously co-headed Williams Trading’s London office.