Saxo Tabs Straessle As New CIO

Copenhagen-based online brokerage Saxo Bank hired UBS veteran Tobias Straessle as its new CIO. He replaces Ole Rossing, who will stay on as vice CIO of the entire IT group. Straessle will report to co-CEO Kim Fournais.

Straessle spent the past 16 years in a variety of roles with UBS Investment Bank, most recently as head of production. As global head of equities IT for UBS, Straessle grew the department from 150 people to more than 1,500. He says this experience will prove most valuable as he attempts to scale Saxo's infrastructure and unify its workforce in line with its recent and anticipated growth.

"As you grow, you have to become a bit more formal and have more-robust processes so you can empower people more easily," Straessle says. "It puts a framework in place and prevents everyone from running in different directions." --C.L.