Citadel Vet To Saxo

Jan 13 2014 | 9:38am ET

A former executive at Citadel Investment Group's banking unit has joined Denmark's Saxo Bank.

Matteo Cassina served as president of Citadel Execution Services Europe until a year-and-a-half ago, leaving the troubled unit of the hedge fund giant after four years. He is charged with building Saxo's institutional business and will be based in London.

Cassina worked at Goldman Sachs, Merrill Lynch and BNP Paribas before moving to Citadel in 2008.

"The appointment of a global head of institutional business is a major step for Saxo Bank," co-CEOs Lars Seier Christensen and Kim Fournais said. "We are approaching the tipping point where traditional players with old mainframe infrastructures are becoming less competitive. Saxo's cloud-based solution is disrupting the old ways of doing business in the same way that we have seen technology radically change other industries."

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