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Instead, a combination of rising interest rates, inflation, soaring energy prices and geopolitical tensions have hit hedge funds, and subsequently the risk management practices of prime brokers. Elsewhere, other local regulatory changes and benchmark replacements continue to impact prime brokers.
Kepler Cheuvreux subsidiary Ellipsis Asset Management has moved to expand its capabilities in the convertible bond segment with the acquisition of Rothschild & Co’s business. As part of the deal two Rothschild portfoliomanagers – Cristina Jarrin and Mikael Dauvert – will move to Ellipsis AM.
Up against other individuals from Invesco, Liontrust Asset Management, Baillie Gifford and State Street Global Advisors (SSGA), Nutting took home the award after an industry-wide vote. In 2016, Nutting moved to Principia Investment Management Limited where she was an execution trader and fund manager assistant.
As part of the acquisition, Bryan Messer has been appointed general manager of Asia Pacific, managing director of portfoliomanagement solutions and artificial intelligence at LiquidityBook, with his staff also joining. In addition, the accounting and reconciliation engines of Messer Financial Software will be integrated.
More than 200 asset managers, hedge funds and other users of outsourced trading providers voiced their opinions in this first-of-its-kind piece of research. The post Around two-thirds of buy-siders believe outsourced desks could enhance trade performance in cross-border trading appeared first on The TRADE.
FlexTrade Systems and BTON Financial have delivered a new integration which provides users of FlexTRADER EMS access to AI-driven broker selection suggestions to help improve best execution performance. “We think this is brilliant news for all concerned.
This platform aims to offer our clients deeper insights into the efficiency and cost-effectiveness of their trades, provide a complete feedback loop (including pre- and post-trade analysis), and support the decision-making process for portfoliomanagers. How can TCA use be further optimised/automated on the trading desk?
Order and execution management platform, Adroit Trading Technologies, has raised $15 million in its series A funding round led by specialised growth equity firm, Centana Growth Partners, with the capital set to be used to accelerate the business’ growth. It services the likes of Invesco.
This adaptive automation allows us to manage hundreds of orders quickly and efficiently at below pre-trade costs and most importantly without adverse selection. Strategies like randomising order sizes, managing market entry times, utilising multiple and non-displayed trading venues, and deploying conditional orders are vital,” he says.
One of the benefits of growth in FX clearing includes developments in financial resource management tools, said Coalition Greenwich, further highlighting that increased clearing is set to affect how and with whom the buy-side trades.
Despite retail flows not necessarily adding much in terms of available liquidity, Liquidnet noted that book depth, lower correlations and reduced volatility had improved for traders and portfoliomanagers. Wholesales were found to have increased their consumption of flow from retail brokers. billion worth of purchasing.
Depending on portfoliomanagers’ instructions, orders’ size, liquidity levels and market conditions, deciding where and how to implement investment ideas efficiently has never been more important for institutional traders than in the current market environment.
RBC appointed Guy Chalkley as managing director, UK flow rates sales. Chalkley brings more than three decades worth of financial services to the role, in both portfoliomanagement and rates sales. Elsewhere in his career, Chalkley served as a European government bond, inflation and absolute return fund manager at BlackRock.
On the latter, we work really closely with our brokers to adapt our algo strategies to benefit from those changes, where possible through strict A/B experimentation. We think this leads us to faster insights and, ultimately, a stronger partnership with our portfoliomanagers who can also access and consume the same analytics.
Year-to-date, we’re seeing for the first time in many years a notable uptick in new fund launches and spin outs from bigger places,” says Jack Seibald, managing director, co-head of Marex prime services and outsourced trading. Data from Convergence tracking the top 25 prime brokers showed their market share grew from 83.3%
Global asset manager Robeco leverages a low touch and high touch trading team that spans across three continents. And, like most asset managers across the street, its global equity trading desk plays host to a variety of characters, each bringing their own individual string to the wider team’s bow.
UK-based boutique fixed income trading desk BlueBay Asset Management is beginning a new chapter in its life. The move has opened up swathes of synergy opportunities for the pure fixed income asset manager, with its traders now working directly alongside RBC BlueBay Asset Management’s equities desk.
Financial institutions with good credit ratings offer swap facilities to clients and charge fees from brokers. Interest rate swaps are risk management tools, allowing parties to hedge against interest rate fluctuations and achieve desired cash flow structures. The banks use interest rate swaps to manage interest rate risk.
The narrative of the service being used solely by smaller hedge funds has been replaced by suggestions that outsourced trading is gathering pace among larger fund managers. Raymond McCabe, founder and managing partner of Outset Global, highlights how a dozen of its frontline traders are “pure buy-side” from “big desks”.
As Rebecca Crowe, managing director and chief operating officer, BNY Mellon Markets, previously told The TRADE, “Years ago, it was the middle-office who were contemplating outsourcing and people couldn’t even consider that you would allow somebody into your books and records in that way.” An active manager needs an active desk.”
Papanichola began his career at interdealer broker, GFI, however quickly realised the environment wasn’t the one for him. It’s about risk management philosophy and methodology,” explains Papanichola. The traders are now discretionary execution guys and the portfoliomanagers (PMs) don’t get involved.
What I mean by that is, it’s really important for both sides to understand priorities,” says Ed Wicks, head of trading at Legal and General Investment Management (LGIM). “If We view this as a complement to broker led avenues of liquidity, not as a replacement.” But they also promote transparency which is key to trust building.”
According to the UK regulator, the policy statement is most relevant to trading venues, service companies, interdealer brokers, broker dealers, portfoliomanagers, technology firms serving trading institutions, and investment-based crowdfunding firms operating in primary and/or secondary markets.
Werner Eppacher has spent the entirety of his two-decade financial career with German asset manager DWS Group, catching his first glimpse of a trading floor as an intern for Deutsche Bank in 2003. “A The fact that we are the size of manager that we are means we have a certain amount of leverage to our vendors.
The active investment manager specialises in emerging and frontier markets trading across fixed income, credit and specialist equities. She joined Ninety One in 2021 from Royal London Asset Management where she had been head of dealing for three years. The London-based trading team at Ninety One has a very particular set of skills.
I’ve always worked in the asset management industry, starting my first job at 18 with Scottish Amicable Investment Management in Glasgow. From the banking team at Scot Asset Management, I moved firms in 1999 to take up a role in trade settlements. What has your journey to the trading desk been like?
That buy-side trader would speak with their portfoliomanagers, and that portfoliomanager could then potentially respond to the liquidity opportunity that is being presented to them. What they don’t have is the requirement to be everywhere, all the time.
It is rare, for example, that you’ll find an asset manager worrying about the good of the market or how an order might influence the primary lit market share, over whether or not they have achieved the optimal outcome for their portfoliomanager and end investor. The elephant in the room: budget.
” or “give me a breakdown of value by portfoliomanager” Taking a step further, orders can be grabbed to prep or allocated internally across the desk. Simple requests can be made, for example, “how many of my orders have been waiting for more than ten minutes?”
JP Morgan subsidiary Neovest has moved to expand its capabilities in the hedge fund sphere with the acquisition of investment management platform LayerOne Financial. The deal is intended to allow the multi-asset and broker neutral order and execution management platform to offer integrated execution, order and portfoliomanagement services.
Order and/or execution management systems (OEMS) Kicking off this whistle-stop summary as the number one most impactful innovation in the industry is the order and/or execution management system (OEMS) – the beating heart of trading desks around the world.
Joining us is Richie Seaberry, Vice president of Business development and Enterprise PortfolioManager at decisely. Meet Thrive, the Do it all small business software that can save you over 20 hours a week, attract customers, manage day to day tasks and keep communication simple with one powerful tool made for your auto business.
The role of prime brokers and global custodians is also set to be addressed in this vein with an end goal of allowing market participants better access to data and ultimately, better execution. Related to this, is the third focus – FX data and the promotion of it’s good use.
He has also worked in derivatives-related positions at various firms, including: Ignis Asset Management, Axial Investment Management, and RBS. UBS Execution Hub services hedge funds and asset managers of various sizes, originally built to handle execution for UBS Global Wealth Management.
Pre-trade, market impact and peer models are not as common and can be less detailed compared to equities and this is an area which might benefit from more investment by vendors and brokers alike. These can then be used to normalise slippages versus market conditions, to treat brokers/algos fairly.
Last years edition of The TRADEs Execution Management Systems Survey suggested that overall buy-side respondents were largely satisfied with their EMS providers, however clear pain points remain. were FIX capabilities (6.18), latency (6.13), breadth of broker algorithms (6.05) and client service personnel (6.01). when compared to 2023.
Non-quant firms are looking to use alternative methods to improve trading outcomes, monitor risk and performance, improve alpha generation and broker selection, and gain a competitive advantage. Traditionally, only quant trading firms were at the forefront of the data race, but this is changing.
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