Key Takeaways
- • Galaxy Digital, a crypto-focused investment bank founded by former Goldman Sachs partner Mike Novogratz, is expanding its London presence following FCA approval in November 2021, with average compensation reaching $475k across its workforce.
- • The firm hired Gavin Phillips as head of institutional sales for Europe (formerly head of sales trading for Europe at Jefferies) and Alexander Royle as head of compliance and regulatory affairs for Europe (former FCA supervisor and head of compliance at Montis Digital).
- • Galaxy Digital increased headcount by over 130% in 2021, growing to more than 510 employees, reflecting aggressive expansion as it positions itself as a bridge between crypto and institutional capital.
- • Based on financial accounts for the nine-month period ending September 30, 2021, Galaxy Digital paid $181 million in total compensation (including stock bonuses) across its workforce, calculating to approximately $475k average annual compensation per employee.
- • The London office, operational since 2018, is now building out local presence following regulatory approval, signaling the firm's commitment to establishing infrastructure for European institutional client engagement.
Summary
Galaxy Digital is accelerating its institutional presence in London through strategic senior hires and expanded headcount. The crypto-focused investment bank appointed Gavin Phillips as head of institutional sales for Europe and Alexander Royle as head of compliance and regulatory affairs for Europe, marking a deliberate push to strengthen its European operations and regulatory footing.
Phillips brings institutional sales expertise from Jefferies, where he served as head of sales trading for Europe before transitioning to roles at King Street Capital Management and as a crypto consultant. Royle's appointment reflects Galaxy Digital's commitment to compliance infrastructure, drawing on his experience as a supervisor at the Financial Conduct Authority and previous head of compliance at Montis Digital, a digital asset processing firm.
The expansion reflects significant organizational growth. Galaxy Digital increased headcount by more than 130% during 2021, reaching over 510 employees firm-wide. This aggressive hiring trajectory occurred against the backdrop of regulatory progress—the firm secured FCA approval in November 2021, enabling it to formally expand its London operations, which had been established since 2018.
Compensation levels underscore the competitive talent war within crypto finance. Galaxy Digital's financial accounts for the nine-month period ending September 30, 2021, show $181 million in total compensation (including stock-based bonuses) across its workforce. Divided across approximately 510 employees, this equates to average annual compensation of approximately $475,000 per employee—a figure that reflects the premium compensation packages crypto firms are deploying to attract institutional finance talent from traditional banking.
Founded by hedge fund manager and former Goldman Sachs partner Mike Novogratz, Galaxy Digital positions itself as a bridge between cryptocurrency and institutional financial markets, capitalizing on institutional demand for crypto exposure and infrastructure in an environment where traditional finance talent increasingly moves into digital asset management roles.
Phillips brings institutional sales expertise from Jefferies, where he served as head of sales trading for Europe before transitioning to roles at King Street Capital Management and as a crypto consultant. Royle's appointment reflects Galaxy Digital's commitment to compliance infrastructure, drawing on his experience as a supervisor at the Financial Conduct Authority and previous head of compliance at Montis Digital, a digital asset processing firm.
The expansion reflects significant organizational growth. Galaxy Digital increased headcount by more than 130% during 2021, reaching over 510 employees firm-wide. This aggressive hiring trajectory occurred against the backdrop of regulatory progress—the firm secured FCA approval in November 2021, enabling it to formally expand its London operations, which had been established since 2018.
Compensation levels underscore the competitive talent war within crypto finance. Galaxy Digital's financial accounts for the nine-month period ending September 30, 2021, show $181 million in total compensation (including stock-based bonuses) across its workforce. Divided across approximately 510 employees, this equates to average annual compensation of approximately $475,000 per employee—a figure that reflects the premium compensation packages crypto firms are deploying to attract institutional finance talent from traditional banking.
Founded by hedge fund manager and former Goldman Sachs partner Mike Novogratz, Galaxy Digital positions itself as a bridge between cryptocurrency and institutional financial markets, capitalizing on institutional demand for crypto exposure and infrastructure in an environment where traditional finance talent increasingly moves into digital asset management roles.
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