Former Omgeo managing director Kevin Milne has joined MacGregor, a privately held American company best known for furnishing fund managers with trade order routing and management systems. Milne joins the 300-strong company as executive vice president, with a brief to expand its six-man operation in the United Kingdom and build a stronger following for MacGregor among London-based fund managers in Continental Europe, Asia and Australasia.
The choice of company is significant. In the US, MacGregor runs a private FIX network linking broker-dealers and fund managers, which it says processes about 15 per cent of daily orders on the New York Stock Exchange. This means the execution services supplied by the company abut the post-execution, pre-settlement turf currently occupied by Milne’s alma mater (Omgeo) and its close competitor (GSTP/axion4). So Milne will remain in the same area of the business without competing with his former employers or (given the size of the company) getting bogged down in the office politics that marred his last months at Omgeo.
MacGregor also owns a soft dollar broker, Blackwatch. The company recently bought Merrin Financial, another supplier of order-routing and management technology to fund managers which sold out to ADP before being taken on by MacGregor.