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BTIG Case Study

London & Partners helped hedge fund specialist BTIG set up business in London, resulting in boosted international revenues and an impressive international reach.

Client Profile

Company:
BTIG
Sector:
Financial Services
HQ:
USA
London Location:
Central London
London & Partners Services:
Locating prime City of London office space and introductions to institutions such as the London Stock Exchange, UKTI and the FSA
Website:
www.btig.com

About BTIG

BTIG specialises in global equity trading and hedge fund services. The company has 10 US offices, plus bases in Hong Kong, Sydney and now London

Business Aim: Establish a European Base

BTIG wanted to expand its business globally. Establishing a base in Europe would open up an important new territory, giving clients access to all key global markets. It would also open up a vast new European client base.

How London & Partners Helped BTIG

Market Factors

  • London has a 41% share of all European banking activity
  • The London Stock Exchange is the most international of all stock exchanges
  • London leads the world in a range of financial services including international equities trading, fund management, derivatives trading and bonds trading
  • Since 2008 barriers to setting up a business in London lowered dramatically: sterling dropped by up to 30% against the dollar, rents fell and the financial services talent pool deepened
  • London was voted the top European city for business for the 20th year running in 2009

Business Success in London

BTIG opened its London office in January 2009 and was exceeding its revenue, product launch and recruitment targets within five months. The London team is boosting global BTIG revenues, giving overseas clients access to European equity markets for the first time, and enabling new European clients to exploit worldwide trades and funds.

BTIG Interview

Gary Hayes, CEO at BTIG takes us through their successful move to London and the role that London & Partners played in making it happen:

London is the centre of the financial industry.

"Now we're up and running the most important thing for us is accessing people in our sector. London & Partners can give us that; they can put us in touch with all the right people.  London & Partners is very responsive to our needs. If you ask a question, by the time you get back to the office the reply is there. 

"We wanted a truly international platform. We had bases in Asia, Australia and the US and our clients were actively asking us to set up in London. It was such a good opportunity but it wasn't something that we wanted to rush into. We had to do it right. We started to look into offices in May 2008 and spent time trying to find the right place, people and technology."

Working with London & Partners

We would certainly recommend London and Partners to any business wishing to set up in London.

"London & Partners has put us in touch with all the right people. Initially they assisted with operational issues, such as finding the right office, but now they're helping us develop the business by arranging meetings and securing our presence at conferences and workshops."

"We discovered that we had many shared contacts who could really help us establish ourselves.We used our shared network to recruit staff, set up bank accounts and sort out insurance. We also used it to become members of the London Stock Exchange, secure FSA authorisation and resolve compliance issues.

"London & Partners' New York office was useful, particularly as BTIG is headquartered in the city. It was easy to hop over for a meeting. It's a pleasure to have people like that to help you. They're very proactive and we would certainly recommend them to any business wishing to set up in London."

Why London?

"London is the centre of the financial industry. It's a professional, vibrant, cosmopolitan city. The talent pool has been a major factor too. There are many opportunities to bring in bright people."

Expanding in the Downturn

"When we were planning to set up in London the markets were imploding globally but we saw it as an ideal opportunity to get people to join us. We have recruited people from the big players such as Merrill Lynch and Goldman Sachs – quality staff that just wouldn't have been available a while ago. Also, London rental is considerably more realistic now. Two years ago London was one of the most expensive cities in the world but now it's affordable."

Open for Business in London

Now that we're up and running the most important thing for us is access to people in our sector and London & Partners can give us that. 

"We opened our office for business on 1 January 2009.

"We're based on Prince's Street, right next to the Bank of England and Mansion House. I looked at 30 offices and this one is spectacular.

"Since we've set up we've definitely seen growth in our global business. The interest from BTIG's overseas clients has been amazing.

"Before, clients in the US, Asia and Australia had to use a broker to trade in European equities, but now they can use us. And of course, our new European clients have access to global markets through us. It's a truly international offer. We can offer a much higher level of service.

"By summer 2009 we were aiming to recruit seven to eight staff but by May we had 14 people and we plan to grow rapidly over the next few years. We've also launched four new products."

The Future

"We may eventually open satellite offices outside the UK, possibly in Germany and Scandinavia, but for the moment we're consolidating our London base.

"Now that we're up and running the most important thing for us is access to people in our sector and London & Partners can give us that."

Contact us for find out how we can help you set up your business in London.