London Stock Exchange Group shifts FTSE Russell top job to New York
The London Stock Exchange Group (LSEG) has called in a new boss to head up its indexing business FTSE Russell today – but in a shake-up the firm is moving the top job out of London to New York.
The FTSE 100 and FTSE 250 indexer – which is owned by LSEG, and has some $18trillion worth of firms on its indexes across Europe, the US and Asia – announced today that it has appointed Fiona Bassett from asset manager DWS to lead the division.
However, Bassett will not take up the role in London and will stay in New York, where she is currently based, to head the business, the firm said.
The FTSE Russell division of the group was created in 2015 through an integration of the FTSE and US-focused Russell indexing series. City PM understands the move is part of an upcoming growth push by FTSE Russell in the US.
Bassett is set to join the group later this summer and will report to LSEG chief David Schwimmer. Arne Staal, the current chief, will stay in London and move into the role of head of product and research.
In a statement today, Schwimmer said Bassett is a “recognised industry leader” and FTSE Russell would benefit from her experience of “building and transforming businesses in asset management, index investing and investment banking”.
“We continue to attract high-calibre talent to complement our existing leadership and we look forward to welcoming Fiona to the team,” he added.
Over a 20-year career, Bassett has held senior leadership roles across asset management and index investing at Deutsche Bank and DWS Group.
Bassett said in a statement: “FTSE Russell is an incredible business and trusted partner for institutional and retail investors in more than 70 countries.
“I am delighted to be joining the team and excited about the opportunity we have at LSEG.”
The shift comes amid a troubling period for London’s capital markets as the wider group tries to boost the appeal of its flagship exchange, after a slew of firms ditched their London listings for New York.