Michael Cashel was promoted to president and CEO this week of Harborside, an institutional block trading service. Cashel previously had been the company’s chief operating officer, a job he assumed when joining Harborside in 2002.
He replaces Robert Hall, who becomes Harborside chairman.
“I came out of retirement three years ago to run Harborside, though it was always my intention to step back from an operational role once the company achieved a solid growth trajectory,” said Hall. “The time is right to hand over the role of company president and CEO to Mike Cashel, an accomplished professional who has had a significant impact on the success of Harborside.”
Cashel will report to the Harborside board, and Hall will continue to work on strategy, alliances and other related initiatives.
Prior to Harborside, Cashel was senior managing director and head of equity sales, Americas, at ABN Amro. Before that, he was a principal at Morgan Stanley. While there, he headed Emerging Markets Sales Trading (NY), Non Japan Asian Equity Sales Desk (NY) and Emerging Markets Equity Sales (London).
“Harborside has worked hard to earn the trust of institutional traders who seek a confidential means of executing large block orders without market impact,” said Cashel. “We will continue to build on that trust by adding to the value of our services and oversight of a liquidity pool that is growing exponentially.”
With an average execution size is 72,000 shares, Harborside is the leading neutral and confidential institutional large block trading service. Harborside offers a liquidity pool in excess of $3 billion maintained through indications of interest (IOIs) submitted by buy- and sell-side traders. Trades are executed by Harborside Securities, a totally independent registered broker dealer.