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(Bloomberg) — Royal Bank of Canada has recruited a Goldman Sachs Group Inc. equities trader and execution specialist to lead product innovation as the bank continues to broaden its footprint in global stocks.
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Noel Reyes, previously head of Americas equities electronic trading product at Goldman, will join RBC Capital Markets in May and be based in New York, according to an internal company memo. He will lead product development across electronic trading and execution algorithms and report to Jas Sandhu, global head of electronic multi asset agency solutions.
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This is the latest in a slew of hires by RBC in stock trading since the arrival of James Masserio a year ago from Societe Generale SA as global head of equities. Since July, the bank brought in at least eight new senior staff in equities, among them Amir Heravi and Jason Hedberg from UBS Group AG as global co-head of equity derivatives flow trading and global head of equity derivatives sales, respectively.
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Reyes joined Goldman from JPMorgan Chase & Co. in 2018, according to the Financial Industry Regulatory Authority registry. He started working on the electronic trading team at Lehman Brothers Holdings Inc. in 2006, staying through the financial crisis acquisition by Barclays Plc before moving to JPMorgan in 2010.
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Clients use execution algos to get the best price while attempting to minimize the market impact of their orders. The trade execution tools are one of a number of business lines within equities that RBC is building out. Other capabilities being prioritized include securities lending, quantitative investment strategies and structured products, Masserio said in an interview in December.
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A spokesperson for Goldman Sachs did not respond to a request for comment at the time of publication.
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