Change at the Top of Genesis
Posted by Colin Lambert. Last updated: August 18, 2022
Michael Moro is stepping down with immediate effect as CEO of Genesis Trading in a management reshuffle at the firm – he will continue to advise the firm through the transition.
Moro became COO of the firm in early 2015 when it was formed by SecondMarket, a firm Moro was working for at the time. In March 2016, he became CEO – his departure is part of a reported 20% round of job cuts by the firm, which has limited exposure to bankrupt crypto hedge fund Three Arrows.
Current COO Derar Islim, who joined Genesis in 2020 and has overseen the development of strategy and key core functions, has been appointed interim CEO, as the firm commences a search for a new full-time appointee. Genesis has also announced that hedge fund specialist Tom Conheeney will consult to the firm as a senior advisor, where he will support Islim on the firm’s overall strategy while advising the trading, lending, and risk teams. Conheeney will also join Islim on the company’s board of directors. Previously he was president of SAC Capital and its successor Point72 Asset Management.
In addition, Genesis has made key executive leadership hires to “further strengthen its governance and position the firm for the future”. These hires include chief risk officer Michael Patchen, chief compliance officer Michael Patterson, and chief technology officer Matthew Johnson who have all recently joined.
“Our clients look to Genesis to provide integral capital and execution services across their digital asset portfolios,” says Islim. “The changes and investments we’re announcing today affirm our commitment to operational excellence as we continue to expand our services to meet the needs of our clients today and into the future.”
Moro adds, “Since we launched the first OTC bitcoin trading desk in 2013, sophisticated investors have come to Genesis to provide liquidity, lending, and custody services for their digital assets. It has been an honour to lead Genesis for nearly a decade and I look forward to supporting the company’s next phase of growth.”