Reuters plans to tackle Bloomberg in fixed income

Jon Robson, the new head of Reuters’ fixed-income business and former chief executive of Moneyline Telerate, plans to apply his strategy at Moneyline to Reuters in a bid to diminish rival Bloomberg’s share the market.

Robson told RiskNews’ sister publication Inside Market Data that he wants to improve the distribution of content and the execution of transactions at Reuters in response to customers, which he admitted is the same approach he took to Moneyline Telerate. "We can turn the company around by doing similar things we did at Moneyline," he said. "What I learned at Moneyline was very, very valuable, and I think we can execute even greater things at Reuters."

He added: "Reuters is seen as a vendor, not a partner to the customer community. That partnership and the ability to work with customers is something I’m very proud of."

Robson said Reuters should find growth opportunities within fixed income globally. "Europe is the second largest fixed-income market in the world and clearly is a place to focus. North America as a business is very, very important because the fixed-income market itself is evolving. The Asian markets are starting to develop, and they’re looking for distribution of content and liquidity."

Devin Wenig, head of Reuters’ four customer segments added, "We really think there’s an opportunity to take share from Bloomberg. We think there are a lot of oversold and unhappy customers of Bloomberg."

Robson declined to specify how he will attain his goals, saying it’s too early in the process. "I’ve got a long track record of building fixed-income products and services," he said. "The next generation of what I want to do with Reuters is based on my experience working with the primary dealers."

Robson also declined to comment on the circumstances surrounding his departure from Moneyline Telerate. But he said his experience, as chief executive, was extremely valuable. He added that Reuters’ £400 million to £500 million fixed-income business is "significantly larger" than Moneyline Telerate.

As for those who wonder about a Moneyline executive moving to the competition, he said: "I think the experience of 18 years of competing fairly with Reuters has been extremely insightful."

Wenig said: "We were interested [in hiring Robson] because I think he is really well known in the market, very strategic in his thinking about fixed income and the market, and he can make a meaningful impact right away."

Robson’s appointment is effective next month. Robson reports to Julie Holland, head of the Treasury group.

Bill Goldy, who previously led the business, is moving to an undisclosed position within the company at the same level.