KCG Holdings, the US-based electronic market making specialist, has confirmed the hire of UBS's former global head of cash equities to lead its European business.

Phil Allison, most recently European head of equities and global head of cash equities at UBS, is to join KCG later this year as its European chief executive, according to a memo sent to all KCG staff today. Financial News revealed his departure from UBS late last month.