Company type | Subsidiary |
---|---|
Industry | Financial services |
Founded | 1987 |
Headquarters | One Liberty Plaza New York City, USA |
Key people | Francis J. Troise (CEO), Minder Cheng (Chairman of the board), Steven Vigliotti(CFO) [1] |
Products | Brokerage, market technology |
Revenue | US$559.8 million (2014) [2] |
US$50.9 million (2014) [2] | |
Total assets | US$1,350 million (2014) [2] |
Total equity | US$415.6 million (2014) [2] |
Number of employees | 883 (2019) [3] |
Parent | Virtu Financial |
Website | www.itg.com |
Investment Technology Group, Inc. was a United States-based multinational agency brokerage and financial markets technology firm aimed at a hedge fund and asset management clientele. One of the first suppliers of electronic trading services, ITG launched the industry’s second anonymous electronic trade matching system, POSIT, in 1987 ( Instinet Cross was launched in 1986).[ citation needed] ITG has since expanded its business to include tools for portfolio management, pre-trade analysis, order management, trade execution, and post-trade evaluation.
ITG is headquartered in New York City and has offices in locations including Boston, Los Angeles, Toronto, Chicago, London, Dublin, Tel Aviv, Madrid, Sydney, Hong Kong and Singapore. [4]
ITG was founded in 1987 as a division of Jefferies to provide automated equity trading to institutional investors. [5] That year, the company introduced POSIT, an anonymous electronic trade matching system, in conjunction with Barra. [6]
In 1990, ITG launched QuantEX, a trading system for institutional traders integrating analytics, routing, and trade management. ITG began to provide clients with pre- and post-trade tools and analytics in 1992.[ citation needed]
ITG became a publicly traded company in 1994, listed on NASDAQ.[ citation needed] The ITG Australia office opened in 1997, giving regional investors POSIT equity crossing. The firm expanded into Europe in 1998. In 1999, ITG completed its spin-off from Jefferies, giving it full independence. [7]
In 2000, the company’s Canada office opened. In 2002, ITG moved into the hedge fund market by acquiring Hoenig, a provider of trade execution and research services to alternative investment funds. [8] The firm then opened an office in Hong Kong.
ITG completed its purchase of Radical Corporation, a provider of direct access trading to the institutional brokerage and hedge fund community, in 2004. [9] The firm then opened a Japan office in 2005. The company moved to increase its transaction cost analysis offering when it acquired Plexus Group from JPMorgan Chase in 2006. [10] That same year, ITG acquired Macgregor, a provider of trade order management systems, for $230 million. [11] In 2007, it acquired RedSky Financial, a developer of futures and options trading technology. [12]
In 2007 the company came under pressure from activist hedge fund D. E. Shaw to either sell off some of its assets or initiate a share buyback. [13] By February 2008, Shaw had reduced its stake, citing satisfaction with ITG's RedSky purchase and an announced $50 million stock repurchase program. [14]
In 2010, ITG spun off Plexus Plan Sponsor Group, the division which serviced institutional asset owners. This group became privately held and was renamed Zeno Consulting Group.
On 1 March 2019 Virtu Financial completed the acquisition of ITG. [15]
ITG's offerings span the following capabilities: