Algomi loses head of US business
Stephen Gallagher, head of US business at Algomi, the innovative fixed income information platform, has left the firm. Gallagher, who has overseen the expansion of the firm in the US from one person to 20, has left to pursue other opportunities and spend more time with his family in Florida.

Algomi runs what it calls a Honeycomb Network, which allows investors to see which dealer is best placed to make corporate bond trades happen. Thomson Reuters

The head of the US business at Algomi, a fixed-income information platform earmarked as a potential fintech "unicorn" — a private company valued at $1 billion or more — has left the firm.

A spokeswoman confirmed to Business Insider that Stephen Gallagher, who joined Algomi in 2013, "has left the business to pursue other opportunities and spend more time with his family in Florida."

Gallagher had been commuting from Florida to New York each week, the spokeswoman said.

He has overseen the expansion of the firm in the US from one person to 20, and the move into a new office earlier this year at Lexington Avenue and 57th Street.

Honeycomb

Algomi runs what it calls a Honeycomb Network, which allows investors to see which dealer is best placed to make corporate-bond trades happen. Bank dealers enter potential bond transactions into a secure network, which then matches those trades and suggests similar bond trades.

It works with over 100 buy-side clients, according to the firm, and more than 10 investment banks. It has also won a number of awards from financial titles.

The US is a key market for the firm, and it has been hiring in the country. It said in September it was particularly focused on recruiting technology professionals and client service specialists and that it had plans to develop services tailored to the US market.

In September the firm said it had signed a leading US-based investment bank.

The firm's chief executive, Stu Taylor, said then: "As the largest single fixed-income market globally, the United States is a priority for the majority of clients."

Gallagher said at the time: "This new facility is a testament to the business we’ve grown in the States and our ambition to be even bigger and better in the future. We really want to show you what’s next."