Flow Traders Ousts Top U.K. Executive After BlackRock Complaints
Flow Traders Ousts Top U.K. Executive After BlackRock Complaints
(Bloomberg) --
Flow Traders NV, Europe’s biggest market maker in exchange-traded funds, ousted its top U.K. executive after an alleged drunken incident in a London pub offended employees at key business partner BlackRock Inc., people familiar with the matter said.
Christopher Meyers, head of Amsterdam-based Flow Traders’ operations in London, left in recent months after an internal review of the episode, the people said. The probe was spurred by complaints about allegedly unprofessional behavior toward female BlackRock workers at the informal gathering, according to the people.
Meyers didn’t respond to repeated requests for comment. Laura Peijs, a spokeswoman for Flow Traders, confirmed that he no longer worked for the company and has been replaced by Simon Wynn-Davies but declined to comment further. Ryan O’Keeffe, a spokesman for BlackRock, also didn’t comment.
Many finance firms say they’re taking a harder line on misconduct as the City of London tries to dismantle a male-dominated culture that’s been criticized by U.K. regulators. Institutions including the Lloyd’s of London insurance marketplace have banned daytime drinking, while allegations of sexist incidents continue to surface in lawsuits and investigations.
Meyers joined Flow Traders around 2011 and became head of day-to-day operations in London seven years later as part of its response to Britain’s exit from the European Union. The executive was approved under the Financial Conduct Authority’s Senior Managers and Certification Regime, making him a key figure in its dealings with U.K. regulators.
Flow Traders and BlackRock have an important relationship. The Dutch firm helps investors buy and sell shares in exchange-traded funds, or ETFs, hugely popular publicly-traded entities that invest in baskets of stocks, bonds and other assets. The company describes itself as the “leading liquidity provider” for exchange-traded products across Europe, the Middle East and Africa.
BlackRock, meanwhile, is the world’s biggest asset manager and a powerhouse in the ETF industry. The New York-based firm oversees more than 600 billion euros ($682 billion) of European ETF assets, almost half the continent’s total, according to Bloomberg Intelligence data.
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