EQUITIES | K&KGC

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Established in 2009,
The Buy-side Trading Community (BTC)
is now an unsponsored global social initiative for traders worldwide.

EQUITIES

~~Due diligence in an uncertain new market~~

~~EQUITIES~~

It’s no surprise that MiFID II was the top concern highlighted by senior buy-side traders at the recent 5th annual ATF Global Summit in London on 2 February 2017. Among other notable changes, MiFID II marks the final end of the road for the broker crossing network (BCN) – a service which has long been used by the buy side to minimise market impact.

~~Navigating the equities jungle~~

~~Matt McLoughlin, head of trading, Liontrust Asset Management~~

Matthew McLoughlin has had an interesting and varied career. Now head of trading at UK-headquartered fund manager Liontrust, he started out as a credit and rates junior before joining AIG Asset Management, where he was active on the portfolio management side of the business. He then moved to the hedge fund RAB Capital, seeking to become more involved in trading, before joining Liontrust in September 2015.

~~Turning a corner?~~

~~EQUITIES~~

In the world of equities, the global buy side have highlighted various different concerns in each region. Some of the standout events in the last few months include the publication by both the FCA and French regulator AMF of consultation papers regarding MiFID II unbundling procedures.

~~Uncertain times ahead?~~

~~James Hilton - Matthew Cousens, Co-Head, AES Sales, EMEA at Credit Suisse~~

James Hilton and Matthew Cousens have been co-heads of AES sales Europe at Credit Suisse since 2012. Over the last ten years, they have seen the rise of MiFID, and now are focused on preparations for the post-Brexit yet MiFID II-compliant world of 2018.

~~The hunt for liquidity~~

~~Mark Pumfrey, CEO for EMEA, Liquidnet~~

Liquidnet’s origins go back to 1999 and 2000, when founder Seth Merrin, CEO of and founder of Liquidnet, met with a number of US asset management companies to discuss how to make equities trading more efficient. Of these, around 40 agreed
to support the idea of blotter sweeping order management systems to find large blocks of stock, and Liquidnet was founded.

~~A view from the Top~~

~~Adrian Fitzpatrick, former head of dealing at buy-side house Kames Capital~~

After 42 years in the industry, Adrian Fitzpatrick, former head of dealing at buy-side house Kames Capital, retired in September
2016. A stalwart champion of the long-only institutional investment manager, Fitzpatrick started his career as an office junior at the age of 17 – an experience that he has not forgotten, and one which helped to shape his approach over the years.

~~Falling arrows and shifting sands~~

~~EQUITIES~~

As we draw into Q4, the top issues in equities are the worrying state of the US small and mid cap market, the impact of unbundling and the dilemma over commission management, falling commissions and buy-side concerns that this will decrease the quality of services from the sell side; shortening broker lists, especially in Asia...

~~America at the crossroads~~

~~Patrick Connors, head of outsourced trading, Weeden Prime Services~~

“ETFs invest in ten stocks instead of the three best in the sector. That’s inefficient. With passive investing, money doesn’t go where it is efficiently allocated.At the US ATF in the summer, when one broker asked what kind of algos they could provide to suit the buy side’s needs, one asset manager responded: ‘Stop giving us algos!’ It’s a race to zero for rates, and I think we’re pretty close to that already...”

~~A new dawn for the buy side?~~

~~Paul Squires, head of trading, AXA Investment Managers~~

These days, you could be forgiven for thinking that the public discussion around financial services is little more than a broken record, endlessly repeating debates on regulation and technological change. But behind the scenes, there is something much more interesting going on...

~~Breaking barriers~~

~~Christoph Hock, head of multi-asset trading, Union Investment~~

The future of trading lies not only in the distinction between different asset classes, but also in a new model which divides the world between high-touch and low-touch execution – across all asset classes, according to Christoph Hock, head of multi-asset trading at Union Investment...

~~Less is more?~~

~~Anthony Godonis, head of trading - Americas at Aberdeen Asset Management~~

Small cap returns outperformed big caps by 5% every year from 2005 to 2015. Yet now, some players on the buy-side are gravely concerned about the future of mid- and small-cap equities. With the rise of private equity, is the market under threat of a slow demise?...

~~The Hong Kong Way~~

~~Kent Rossiter, Allianz Global Investors~~

When Kent Rossiter joined Allianz Global Investors in 1999, he was the new guy. Despite the passage of time, that is a status he still holds among the company’s senior traders, due to the stability of the team which has not changed too much in the years since. The same cannot always be said for the structure of the modern trading desk, however...

~~Radical automation and buy-side empowerment~~

~~Mike Bellaro, head of equity trading at Deutsche Asset Management~~

MiFID II and unbundling represent a fundamental re-alignment of the European investment market that will force the buy-side to redefine the way it does business, according to Mike Bellaro, head of equity trading at Deutsche Asset Management...

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