Knight Capital Group has named Richard Herr as managing director and head of business development.

Herr steps in from Investment Technology Group, where he headed the strategic and business development unit. In his new job at Knight, he will assist in the firm's growth strategy and provide recommendations on potentially lucrative new partnerships and acquisitions, the company said in a release.

Herr reports directly to Steven Bisgay, the senior managing director and chief financial officer.

Knight is an international financial services firm that provides market access and trade execution services across various asset classes to buy and sell side firms. It is headquartered in New Jersey but has a growing presence across North America, Asia Pacific and Europe.