After the shock closure of UBS’s outsourced trading unit earlier this year, State Street is expanding its European ‘partnered trading’ business and onboarding the Swiss bank’s senior staff.
READ MORE: Outsourced trading hits speedbump as UBS quits
The company does not break down its revenues for outsourced trading. Overall, total revenues were up 8% year-on-year to US$3.4 billion in the second quarter of 2025.
Dirk Heim, previously head of UBS’ execution hub in Europe, joins State Street in Frankfurt. Throughout his 25-year career, Heim has been a trader in London and Frankfurt at firms including Quoniam Asset Management, Kepler Cheuvreux and BTG Pactual.
Also joining the Frankfurt team is Nicole Lindermayr, former multi-asset trader at UBS’s execution hub. Lindermayr’s more than 25 years in the industry include a 12-year stint at Goldman Sachs, where she rose to executive director of programme trading.
Other ex-UBS outsourcing traders have joined competitors in recent months, with firms seeking to nab market share.
READ MORE: UBS outsourcing exec lands at BTIG
Clear Street launched an outsourced trading business in May, led by a former UBS outsourcing director.
READ MORE: Clear Street snaps up ex-UBS director to launch outsourced trading
State Street’s outsourcing expansion has also seen Matthew Hodges appointed as a multi-asset trader in London. His close to 20-year career has been spent at Western Asset Management, most recently as a senior trader and senior portfolio analyst.
The firm’s head of EU trading Daniel Eichhorn is relocating from Lisbon to Frankfurt as part of the reorganisation. He joined the firm in late 2023.
