Funds News

MOVES-Citadel Securities names Nazarali global head of business development

NEW YORK, April 27 (Reuters) - Citadel Securities said on Friday it named Jamil Nazarali global head of business development of the trading and market-making firm, effective immediately.

Nazarali will replace Remco Lenterman, who will stay for a transition period and then leave to pursue other interests, spokeswoman Julia Kosygina confirmed, without giving more specific details.

“Jamil’s deep knowledge of market structure and considerable experience provide a strong foundation as we continue to expand and strengthen our business across products and geographies,” Citadel Securities Chief Executive Officer Peng Zhao said in a statement to Reuters.

“I look forward to working with Jamil in this new capacity and am grateful to Remco for his contributions to our business.”

The company is owned by billionaire hedge-fund manager Ken Griffin and is the No. 1 U.S. retail equities market maker.

It is also the biggest designated market maker on the floor of Intercontinental Exchange Inc’s New York Stock Exchange, has a 21 percent market share in U.S. equity options, and is a top five player on many European exchanges.

Nazarali was most recently senior advisor to Zhao, and before that led the firm’s equities and options market making business as head of execution services.

The market veteran joined Citadel in 2011 from Knight Capital Group, where he was global head of electronic trading. Knight later became KCG and then was taken over by Citadel Securities rival Virtu Financial. (Reporting by John McCrank Editing by Susan Thomas)