“More and more institutional investors are turning to each other to execute large trades with minimum market impact and maximum anonymity,” said Mark Pumfrey head of EMEA at Liquidnet Europe. 

“Following on from a record third quarter, we are seeing this momentum continuing into Q4 with four record breaking $1 billion plus trading days so far.” 

Liquidnet’s results were also attributed to their front-end trading application Liquidnet 5 which operates a pool of liquidity for institutional investors. Their algorithmic offerings have also increased with Liquidnet Dark recording an 86% increase in year-on-year trading.   

“As an independent, aligned interest model that only trades on behalf of its members, we believe Liquidnet is well placed in a post MiFID II world to help the buy-side deliver best execution.” Pumfrey added.

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The survey of 13 investment managers with collective Assets under Management of £475 billion found all bar one of the respondents identified MiFID II as being the regulation that will impact their businesses the most.

65% of respondents identified MiFID II’s clampdown on the use of equity commissions to pay for investment research as being a major challenge. The rules are likely to force an unbundling of investment research payments for dealing commissions.

This will particularly impact smaller managers. A study by Berengberg estimated asset managers could see profits reduced by 20% to 30% if the £1 billion to £1.5 billion annual research spend is incorporated into profit and loss (P&L).

Some managers will have little option but to increase their management fees or to create pre-funded research payment accounts, fully paid for by investors. The latter will require negotiations with investors, and could be problematic for firms with thousands of accountholders. Retail investors lacking the sophistication of institutions may also question the research spend. The biggest risk would be if performance falters if managers are not able to access research easily.

“Larger investment managers with greater economies of scale will be better able to absorb the costs of MiFID II, and small niche firms may be less affected by certain rules. Managers that employ passive and quantitative strategies, which do not rely on investment research, will also be relatively less affected, although that will depend on where the Commission comes out when it adopts the Delegated Acts, expected in November (2015), “ said David Strachan, partner in Deloitte’s EMEA Centre for Regulatory Strategy.

The Deloitte study said managers are going to increase the scrutiny of the quality of the research they receive and shrink research budgets. Many managers complain that a considerable amount of sell-side research is rarely read anyway.

The Deloitte study also found transaction reporting would be a key issue. Transaction reporting will apply to any MiFID regulated investment firm, and will include instruments traded on EU trading venues such as multilateral trading facilities (MTFs) and organized trading facilities (OTFs), including any over-the-counter derivatives (OTCs).

The Deloitte research also predicted more firms would launch “non-complex” products such as UCITS relative to “complex” products due to the stricter sales rules attached to products deemed “complex” under MiFID II. It also found managers were looking to restructure “complex” products into “non-complex” offerings for this same reason.

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Basel III could facilitate the emergence of non-bank sources of hedge fund financing as prime brokers increasingly retreat because of capital requirements.

Basel III Liquidity Coverage Ratios (LCR) forces banks to hold sufficient high quality liquid assets (HQLA) to a weather a 30 day market stress event. Basel III also seeks to reduce the risk of liquidity mismatches and over-reliance on short term funding at banks through its Net Stable Funding Ratio (NSFR). Hedge fund cash parked at banks is considered short-term as it is likely to be pulled out in times of crisis. As such, banks must hold more capital when holding hedge fund cash.

This is leading to a number of prime brokers re-evaluating their business models, and even terminating relationships with hedge funds which do not generate much business, or have not sufficiently grown their Assets under Management (AuM).

A number of prime brokers are also scaling back financing, which could have a major impact on hedge fund returns, particularly at strategies dependent on leverage or which are invested into illiquid assets. In 2012, Barclays Prime Finance estimated the average hedge fund could see returns drop between 10 bps to 20 bps if prime brokerage financing was restricted.

“We could see hedge funds lending unencumbered assets to other hedge funds, with prime brokers acting as intermediaries. This could potentially be a new source of capital and could help hedge funds with their financing,” said Mario de Bergolis, head of operational due diligence and business management at Standard Life Investments, speaking at the GAIM Ops Conference in Dublin.

Another potential source of financing could be private equity, which is currently sitting on huge amounts of dry powder and under growing pressure to find profitable deals in an expensive equity market. However, prime brokers point out that hedge funds and private equity often lack the operational and technological resources to provide financing. Nonetheless, a number of larger hedge fund managers are bolstering their treasury functions and capabilities, and this could eventually lead to intra-hedge fund financing.

One unintended consequence of Basel III is that it could force hedge funds to reduce the number of prime brokers they use, which could facilitate an increase in counterparty risk. One investor said he did not want hedge funds to revert to the single prime brokerage model, and highlighted mid-tier and mini prime brokerage outfits could emerge, some of whom will not have significant balance sheet capital. Again, this could increase risk, added the investor.

Prime brokerage is not the lucrative business it once was. Credit Suisse has dramatically shrunk its prime brokerage unit. Others including Goldman Sachs and Bank of America Merrill Lynch have exited struggling or small hedge fund clients. One hedge fund manager predicted a number of banks would shut down their prime brokerage businesses within the next few years.

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The chief executive of Clearstream has suggested the market should proceed with caution when it comes to new technologies, praising the effectiveness of the status quo.

During a panel discussion at Sibos 2015 on ‘Global trends in regulated securities markets’ Marc Robert-Nicoud commended the value chain which central securities depositories and custodians have created, informing the audience to keep that in mind when discussing the role of new technologies.

“We can use new technology to make it [securities services] more efficient, but we need to recognise that the industry has made a lot of effort to be a safe, stable infrastructure that holds people’s money. That’s something we need to keep in mind.”

“The CSDs and custodians have created a value chain and that is very powerful for all markets and all the players.

“We should think of new technologies in that term. We have a well functioning industry.” 

One of the running themes of Sibos 2015 has been the use of new technologies – such as blockchain – in the industry in order to improve the efficiency of processes.

Robert-Nicloud, who heads up the clearing and settlement organisation Clearstream, suggested that the industry should take a ‘paranoid’ approach to blockchain.

“I understand the disruptive potential it is set to have,” he added. “Maybe on blockchain we need to be paranoid. It is going to take some years before we see large change to the industry based on blockchain.”

The post Clearstream chief executive urges caution with new technologies appeared first on The TRADE.

Over the summer, The TRADE has been gathering nominations to compile a list of the 40 individuals under the age of 40 that are most likely to enjoy notable career advancement in the coming years. 

The list of 40 was drawn up following extensive market research with industry leaders on the sell-side and buy-side and verified with interviews with employers and individuals to evaluate their credentials.

To qualify for consideration, individuals had to be aged under 40 years of age as at 31 December 2015 and be working in a trading function at an asset manager, wealth manager, stockbroker, technology group, or life company.

Consideration was given to each individual’s day-to-day role in the business, career progression to date and involvement in industry initiatives.

Further credit was awarded for commendable extra-curricular activities such as examples of volunteer or mentoring work or for academic success in a professional examination scheme.

All those who made the list must be based in Europe, although they can trade assets globally.

After a lengthy judging process, our panel considered the following 40 people to be worthy of recognition.

Name: Daniel Hughes
Job title: Dealing and Trade Support manager
Company: Ascentric

Royal London-owned Ascentric appointed dealing manager Daniel Hughes from KCG at the start of the year at a time when it was embarking on a campaign centred on best execution.

Hughes has gathered a vast amount of experience during his career to date, having worked at an array of culturally different organisations.

Prior to joining Ascentric, he had been at Knight Equity Markets (now KCG), for a little under three and a half years, working as director of European Equity Trading.  Before that he spent three years at Louis Capital Markets as an equity trader.

Between 2001 and 2004, he worked at ING Financial Markets, with responsibility of risk facilitation and trading in French, Italian and Dutch convertible bonds and as manager of UK and European equity trading before that.

Hughes has been keen to pass on his experience to the next generation of traders, having trained junior staff at Ascentric through facilitating greater links with the Royal London group.

Name: Michel Vannier
Job title: Equities Trader
Company: Allianz Global Investors

Multi-lingual Michel Vannier has been with Allianz Global Investors for around eight years, joining from Axa Investment Managers in 2007.

He was originally based in the Paris office, where he spent five years as a multi-asset dealer, handling equities, bonds, forex and derivatives trades.

During his time in Paris he spent four months working in Germany to assist with the migration of the equities dealing desk before permanently making the switch to Frankfurt in March 2013.

Having left Université Paris Dauphine in 1998, he joined BNP Paribas as an accounts manager reporting on daily settlements of French equities and bonds. After two and half years he joined the trading team, trading equities and derivatives before leaving to joining Axa Investment Managers in 2006.

Vannier speaks French, German and English.

Name: Jean Sayegh
Job title: Director and senior portfolio manager
Company: Lyxor Asset Management

Jean Sayegh has spent almost a decade at Lyxor Asset Management and heads up the team managing EUR10 billion worth of liquidity buffers.

Sayegh’s clients at Lyxor include mainly large banks from France, along with some other smaller banks in Europe and more recently gained his first customer from England.

Managing liquidity buffers for these banks, Sayegh – who speaks four languages - uses a range of derivatives instruments including interest rate swaps and futures contracts.

Sayegh’s role sees him operate as a fund manager but also as a trader, and says his clients use him for more than just trading.

“Our clients talk to us for our views, both classic economic views and our take on regulatory issues,” he says.

“Smaller banks will use us because they don’t have the internal team to manage liquidity buffers.”

Sayegh began his career at Societe Generale Asset Management as a money market portfolio manager for almost four years, where he gained valuable experience on the firm’s trading desk.

In February 2006 he moved to Lyxor as an equity and fixed income portfolio manager, overseeing physically replicated equity and fixed income index funds and ETFs.

Now as a senior portfolio manager Sayegh uses active smart beta technics and is the principal portfolio manager of Liability Driven Investments portfolio managed by Lyxor.

Name: Kristian West
Job title: Global head of equity trading
Company: JP Morgan Asset Management

Some of the rising stars on this year’s list have already achieved what others will aspire to in the entirety of their careers.

JP Morgan Asset Management’s Kristian West is a well-known figure on The Street and at 39 years of age he is one of the youngest global heads at a major asset management group.

He started his career in 1999 at trading business Spear, Leeds & Kellogg which was acquired a year later by Goldman Sachs. From there he moved to Barclays Capital in 2004 before joining JP Morgan AM as head of EMEA equities in 2008.

Despite his modest persona, West has become an increasingly important figure within JP Morgan AM.

The past 18 months has seen him overseeing one of the most ambitious projects in the company’s recent history, to bring a global operating model to trading across the asset manager.

With regional differences in operational behaviour, West has built a strong team of experts in Asia, the US and Europe to ensure the new globalisation drive is a success.  This has also been key to building the company’s new bespoke Order Management System.

His work has not gone unnoticed and subsequently led to Kristian being one of the most heavily nominated in this year’s scheme.

Name: Tim Meggs
Job title: Head of trading
Company: Fulcrum Asset Management

Heading up the trading desk at boutique asset manager Fulcrum, Tim Meggs leads a team which has doubled its assets under management in the two years he has held the role.

His team handles the trading flow for Fulcrum’s strategies and focuses on crunching execution data to improve performance. 

At Fulcrum, Meggs also acts as a strategy manager for the multi-asset volatility fund; this involves strategy implementation and evolution along with quantitative research.

The strategy is systematic, and therefore doesn’t require the traditional portfolio manager role, however Meggs’ role is to oversee and assume responsibility for the strategy.

Armed with years of derivatives and quantitative trading experience, Meggs also has a Certificate in Quantitative Finance to go with his Master of Philosophy degree from the University of Oxford.

Meggs has leaned on his years of experience in derivatives trading which tracks back to 2004, where he was an equity exotics derivatives trader at CIBC World Markets.

From there he became an executive director, yet still involved in quantitative cross-asset derivatives trading. His duties shifted to trading and positioning a large cross-asset exotic options book at the investment bank. He also focused on a range of derivatives, trading equities, commodities, rates and FX.

The post RISING STARS OF TRADING AND EXECUTION 2015: 26 to 30 appeared first on The TRADE.

Over the summer, The TRADE has been gathering nominations to compile a list of the 40 individuals under the age of 40 that are most likely to enjoy notable career advancement in the coming years.

The list of 40 was drawn up following extensive market research with industry leaders on the sell-side and buy-side and verified with interviews with employers and individuals to evaluate their credentials.

To qualify for consideration, individuals had to be aged under 40 years of age as at 31 December 2015 and be working in a trading function at an asset manager, wealth manager, stockbroker, technology group, or life company.

Consideration was given to each individual’s day-to-day role in the business, career progression to date and involvement in industry initiatives.

Further credit was awarded for commendable extra-curricular activities such as examples of volunteer or mentoring work or for academic success in a professional examination scheme.

All those who made the list must be based in Europe, although they can trade assets globally.

After a lengthy judging process, our panel considered the following 40 people to be worthy of recognition.

Name: Zac Lewis
Job title: Dealer
Company: Liontrust

Rising star Zac Lewis was propelled into the spotlight earlier this year when he joined the dealing desk at Liontrust Asset Management.

Lewis joined Liontrust at a busy time for the firm as it has seen assets under management grow rapidly from £3.6 million (March 2014) to £4.5 million (June 2015), meaning an expanded workload for the centralised dealing desk.

Lewis joined from Balyasny Asset Management in March, having previously clocked noteworthy experience at Citi, OVS Capital and James Caird Asset Management.

He graduated London School of Economics & Political Science with a BSc in Operational Research back in 2006.

As an added bonus, Lewis will collect his award at this year’s Rising Stars event just five days after his 32nd birthday.

The post RISING STARS OF TRADING AND EXECUTION 2015: 21 – 25 appeared first on The TRADE.

Introducing new rules requiring derivatives participants to apply International Securities Identification Numbers (ISINs) to their OTC trades is ‘impossible’, according to an industry expert.

The new rules released on 28 September by European regulators state that equities, bonds and derivatives trades will have to be reported with an ISIN, a unique trade identifier. 

For equities, bonds and listed derivatives, this is perfectly conceivable, however for non-standardised OTC derivatives this will be far more difficult, according to Sassan Danesh, managing partner at Etrading Software. 

“If you trade a vanilla interest rate swap, it will be fine, as the MTF would supply the reference data to ESMA or a national authority. However, for non-standardised OTC swaps where participants change something, this creates problems,” he said. “There is currently no industry consensus on the definition of fungibility of the products, which is a pre-requisite for the determination of uniqueness, which in turn is a pre-condition for the issuance of ISINs.”

The customisation of swaps causes one of the major issues, meaning some of the European regulatory requirements for intra-day publication and reporting using ISINs will be extremely challenging. 

“The industry will need to debate the pros/cons of pre-allocating ISINs in advance versus real-time creation of such ISINs – both of which have major logistical challenges,” adds Danesh.

Additionally there are other challenges with an interest rate swap, for example. Firstly, if the instrument identifier changed every day because trading the instrument today versus tomorrow will result in different cashflows for the instrument. Secondly, if the instrument identifier was to change based on where it is cleared, and finally if the identifier change if a different holiday calendar is used, because for example a large US fund manager wants to use the US holiday calendar to trade a GBP IRS?

Etrading Software developed a new industry initiative for the International Swaps and Derivatives Association aimed at developing an open-source standard derivatives product identification system that can be applied across the market.

The initiative has been backed by buy-siders and custodians alike, along with 18 other major industry participants include Goldman Sachs, Barclays and Bloomberg. 

Danesh adds that if this methodology can be applied to ISINs for OTC derivatives then this will allow the industry to coalesce around a single consistent approach that also meets regulatory needs. 

“We are looking at how the ISDA initiative can be compatible and consistent with the ISIN approach,” said Danesh.

The post Mifir reporting rule ‘impossible’ to apply to OTC derivatives appeared first on The TRADE.

Over the summer, The TRADE has been gathering nominations to compile a list of the 40 individuals under the age of 40 that are most likely to enjoy notable career advancement in the coming years.  

The list of 40 was drawn up following extensive market research with industry leaders on the sell-side and buy-side and verified with interviews with employers and individuals to evaluate their credentials.

To qualify for consideration, individuals had to be aged under 40 years of age as at 31 December 2015 and be working in a trading function at an asset manager, wealth manager, stockbroker, technology group, or life company.

Consideration was given to each individual’s day-to-day role in the business, career progression to date and involvement in industry initiatives. 

Further credit was awarded for commendable extra-curricular activities such as examples of volunteer or mentoring work or for academic success in a professional examination scheme.

All those who made the list must be based in Europe, although they can trade assets globally. After a lengthy judging process, our panel considered the following 40 people to be worthy of recognition.

Name: Jonty Field 
Job title:Head of EMEA 
Company:Quantitative Brokers 

Quantitative Brokers (QB) decided to bring its buy-side algorithmic broking business for rates futures products to London in January 2014, appointing Jonty Field to head up its office.

Field’s experience in systematic trading, algorithmic execution and trading analytics made him the perfect fit for the broker looking to expand its business in the futures markets to Europe. 

His clients in London now consist of asset managers, hedge funds and commodity trading advisors active in the derivatives market. Field is charged with building the business outside of the US and meeting the demands of Europe’s buy-side interest in best execution for interest rates.

As head of EMEA, Field has ambitions to keep expanding the business.

“The future for QB is exciting as we expand on our product coverage (options on futures) and also expanding our coverage to Asian markets,” said Field.

“My role at QB sees me working closely with systematic and discretionary traders to improve their execution practices and benefit from QB’s algorithmic execution expertise.”

Field spent 10 years at AHL prior to joining QB, beginning his career as a quantitative research analyst after completing an MSc in Statistics at the London School of Economics. 

Field said that his research interests then moved into market microstructure and minimising transaction costs and worked closely with the trading team to build AHL’s electronic trading platform VTrader.

“It was in this new role as an e-trading specialist that I began to develop algorithms to improve execution on a range of asset classes before founding the Trading Analytics team to analyse, monitor and optimally balance human, internal and external algorithmic execution flow,” Field adds.

Name: Alexander Neil 
Job title:Head of equities and derivatives trading 
Company:EFG Bank AG 

Geneva-based Alex Neil is one of the most widely-recognised figures on this year’s rising stars list, according to a recent poll by Extel.

A finance graduate with French, Neil has worked in Paris, London and now Geneva. 

Neil – who is still in his early thirties – sits on a committee of Geneva-based heads of equity trading which is supervised by a local body of private banks.  He also has a significant media profile, writing regularly for digital and trade press. 

He has been working with EFG’s support teams on improving order functionality and performance over the past 18 months. Part of this has included introducing algos to some users who previously would not have felt comfortable talking to their end clients about execution benchmarks.

Neil says this has enabled his team to spend more time on what he calls ‘value added services’.

He believes that the buy-side can move to more ‘cost-effective’ methods of trading and hopes that his intelligent approach to trading can be spread to other asset classes.

When asked what he would like to see more of in the industry, he said cheap and consistent post-trade data to judge execution quality. He would also like to see clearer regulation of trading by asset class.

Name: Vincenzo Vedda 
Job title:Deputy global head of equity trading 
Company:Deutsche Asset & Wealth Management 

Deutsche Asset & Wealth Management is represented in this year’s list by Vincenzo Vedda, the company’s managing director and deputy global head of equity trading.

Frankfurt-based Vedda joined the business in September 2013 from Morgan Stanley where he was a senior member of the Global Program Trading Group.

At Deutsche, Vedda reports to global head of equity trading Mike Bellaro and has responsibility for Deutsche AWM’s global program trading operation. He also assists Bellaro in managing global equity trading.

Vedda has been credited with building out Deutsche AWM’s New York trading operation and building the ETP Capital Markets team in London and is considered a thought leader by many of his industry peers.

Over the course of the past 18 months Vedda has assisted with the development of the ETF platform within the asset management trading operation from the investment bank.

He has also worked on the build out of the global program trading platform, which has been key to the firm improving post-trade performance. In fact, program trading now represents some 40% of the Deutsche AWM book of business.

Vedda has been a key player in ensuring colleagues understand the importance of strategic liquidity and in ensuring the trading desk is able to execute more block trades in the first half of 2015 than in the past five years combined.

Name: Matthew Tonge 
Job title:Partner and senior dealer 
Company:Liontrust 

As Liontrust’s assets under management have grown, so too have the responsibilities of the investment group’s dealing team.

Engineering and Commerce graduate Tonge is now a relatively long-standing member of the firm, having joined the business back in 2003.

Prior to that, he worked at Barclays Capital as a transaction manager responsible for a variety of complex settlement calculations and legal documents.

Today, he looks after the Liontrust dealing desk, which serves six of the group’s seven fund management teams and some £4.5 billion in assets.

Tonge’s role has become increasingly important during the past year after company founder and long-standing colleague Richard Farquar announced plans for a sabbatical to complete a substantial charity project.

As a result, Tonge has become responsible for major projects such as the company’s Order Management System (OMS) review and has also bolstered his team with two new recruits.

Next on his radar is a project analysing how best the company should respond to the demands of MIFID II, looking particularly at the impact the regulation will have on commissions.

Tonge is a previous winner of The TRADE’s Leaders In Trading Awards, having collected the Midcap Trader of The Year gong at last year’s event.

Name: Angela McLean 
Job title:Senior Dealer 
Company:Nikko Asset Management 

Angela McLean joined Nikko Asset Management in October 2014 from Ignis Asset Management.

Nikko is one of Japan’s fastest growing asset management groups and has recently been recruiting for its London office which opened back in 1987. McLean took the decision to move down from Scotland last year to take up her new role.

She is a product of the respected academy of dealers who started their careers at Ignis Asset Management, originally mentored by Betsy Anderson.

Between 2000 and 2005, she was a support analyst at Ignis, joining the dealing desk proper in the August of 2005, trading global long short equities and derivatives.

McLean has broader appeal outside of trading, however, having previously held a variety of roles outside of the dealing desk during her 20-year long career to date.

Her experience in treasury and investor services complements her trading expertise and is sure to add firepower to her employability as her career progresses in the years ahead.

The post RISING STARS OF TRADING AND EXECUTION 2015: 16 to 20 appeared first on The TRADE.

Over the summer, The TRADE has been gathering nominations to compile a list of the 40 individuals under the age of 40 that are most likely to enjoy notable career advancement in the coming years.  

The list of 40 was drawn up following extensive market research with industry leaders on the sell-side and buy-side and verified with interviews with employers and individuals to evaluate their credentials.

To qualify for consideration, individuals had to be aged under 40 years of age as at 31 December 2015 and be working in a trading function at an asset manager, wealth manager, stockbroker, technology group, or life company.

Consideration was given to each individual’s day-to-day role in the business, career progression to date and involvement in industry initiatives. 

Further credit was awarded for commendable extra-curricular activities such as examples of volunteer or mentoring work or for academic success in a professional examination scheme.

All those who made the list must be based in Europe, although they can trade assets globally.

After a lengthy judging process, our panel considered the following 40 people to be worthy of recognition.

Name: Benjamin Bouillou
Job title: Equity trader
Company: Man GLG

Man GLG’s equity trader Benjamin Bouillou joined the company in January 2012 from Brevan Howard, where he had worked as an equity and equity derivatives trader for a little over a year.

Bouillou has spent time working at well-known hedge funds and buy-side institutions including James Caird Asset Management – formerly known as the Moore Capital Credit Fund, Gandhara Capital and Halbis Capital Management.

His academic record is also strong, having completed an MSc in Market Finance and Banking from the Universite Pantheon Assas (Paris II) in 2005 and an MSc in Electrical and Computer Engineering from the Georgia Institute of Technology in 2004.

Name: Oliver Steinki
Job title: Founder
Company: Evolutiq

After spells at Morgan Stanley, Commerzbank and Stigma Partners, Oliver Steinki decided to move away from the major corporates and set up his own investment management firm in Evolutiq.

The Swiss-based investment firm develops, designs and implements quantitative trading models, and uses in-house developed algorithmic trading framework, which it uses in its daily trading activities.

“Growing up in an entrepreneurial family, I knew quite early that I would like to start my own company later in life,” said Steinki.

According to Steinki, Evolutiq’s model is built upon doctoral research on the applicability of ensemble methods to enhance option pricing models based on Lévy processes conducted by Steinki himself.

“At Evolutiq, we are driven by a rigorous quantitative research culture and rely heavily on academia’s latest findings to construct innovative strategies. Our investment philosophy evolves around the implementation of approaches based on statistical learning.

“We believe utilising these cutting edge statistical learning techniques to formulate predictions is a more dynamic and statistically more accurate approach to predict market moves compared to static methods which are often based on the normal distribution assumption.”

The firm invests in products including futures on major equity indices, commodities, volatility, G7 currency pairs and interest rates to ensure liquidity and low transaction costs.

Steinki began working in the financial industry in 2003, first as an analyst at Commerzbank before moving to Morgan Stanley as an associate. He then moved to Stigma Partners, a systematic global macro house in Geneva, where he was involved in multi-asset-class derivatives trading.

Steinki has co-founded and invested in successful start-ups throughout Europe, with a handful receiving awards from the FT Germany, McKinsey, Ernst & Young and the German federal ministry of economics. He is also an adjunct professor teaching algorithmic trading and portfolio management courses at IE Business School in Madrid and on the Hong Kong campus of Manchester Business School.

Name: Francesca Bullo
Job title: Trader
Company: Generali Investments

Italian asset manager Generali Investment acquired the skills of Francesca Bullo in June 2014 to work on its trading desk covering fixed income.

Bullo began her career at Societe Generale Corporate and Investment Banking as a fixed income flow credit sales assistant for just over a year, before spending time in Shanghai working as a Chinese markets analyst.

Bullo then received her trading desk experience at Nextam Partners where she operated as a buy-side junior execution trader.

Now at Generali, she is focused on fixed income, trading developed and emerging markets government bonds, money market instruments and FX spot and forwards.

Bullo said she aims to continue to grow her skillset at Generali in the near future and pursue her professional growth.

“I hope the company will continue to fuel my motivation and commitment to target outstanding achievements,” adds Bullo.

“Our trading desk is dedicated to the implementation in the market of all the investment decisions made by GI Portfolio Managers, ensuring best execution together with liquidity sourcing and monitoring.”

Bullo holds a Masters Degree in Finance from Bocconi University in Milan.

Name: David Sturgeon
Job title: Investment dealer
Company: Alliance Trust

Sturgeon has been working in trading for around a decade and holds both the IMC and CISI certificates.

For the past six and a half years he has worked on the institutional dealing desk of Alliance Trust which trades global equities, fixed income, derivatives, interest rate swaps, credit default swaps and foreign exchange.

Prior to joining the desk, he worked as a dealer on the retail desk, which he joined in October 2006.  Before this he worked as a trading analyst at JP Morgan Chase.

Sturgeon is a graduate of the University of Edinburgh with a BEng in Electronics and Electrical Engineering.

Name: Guillaume Chauvin
Job title: Associate equity trader
Company: Goldman Sachs Asset Management

Guillaume Chauvin joined Goldman Sachs group originally back in June 2008, while he was completing his Master of Science in International Finance.

Chauvin started out working in Middle Office operations in the Structured Product Group.  Having completed his degree in 2010, he joined the sales team where he worked until the end 2011.

At the start of 2012, he moved to Goldman Sachs Asset Management and took up his first buy-side role as a repo and stock loan trader where he remained for a further two years. He has been in his current role since January 2014.

Chauvin is fluent in French and English.

The post RISING STARS OF TRADING AND EXECUTION 2015: 11 to 15 appeared first on The TRADE.

Over the summer, The TRADE has been gathering nominations to compile its first ever list of 40 individuals under the age of 40 that are most likely to enjoy notable career advancement in the coming years.

The list of 40 was drawn up following extensive market research with industry leaders on the sell-side and buy-side and verified with interviews with employers and individuals to evaluate their credentials.

To qualify for consideration, individuals had to be aged under 40 years of age as at 31 December 2015 and be working in a trading function at an asset manager, wealth manager, stockbroker, technology group, or life company.

Consideration was given to each individual’s day-to-day role in the business, career progression to date and involvement in industry initiatives.

Further credit was awarded for commendable extra-curricular activities such as examples of volunteer or mentoring work or for academic success in a professional examination scheme.

All those who made the list must be based in Europe, although they can trade assets globally After a lengthy judging process, our panel considered the following 40 people to be worthy of recognition. 

Name: Arjun Singh-Muchelle
Job title: Regulatory Affairs senior adviser  
Company: The Investment Association 

Over the past year, Arjun Singh-Muchelle has been leading the Investment Association’s work on bond market liquidity and transparency under MIFID. 

He has been instrumental in building a group of like-minded buy-siders to engage with regulators and enhance understanding of regulatory concerns from an asset management perspective. 

His role at Investment Association means he is involved with all capital market and dealing-related issues and has been a key player in high-profile regulatory discussions on the future of the corporate bond market, capital markets union, securitisation and market abuse. 

Despite only turning 30 this year, Singh-Muchelle has already racked up an impressive CV. 

He joined the Investment Association in September 2013 from the British Bankers’ Association where he had been head of EU Affairs for a little over two years at a time when the BBA was rarely out of the media spotlight. 

He has also spent time working at the European Commission as a policy analyst and has been an economist of the Office of the Superintendent of Financial Institutions of Canada. 

Singh-Muchelle has a clutch of academic qualifications including a PhD in International Political Economy from London School of Economics and Political Science and a BA in Global Political Economy from the University of York. 

Name: Jason Recordon
Job title: Fixed Income dealer 
Company: Henderson Global Investors 

Henderson Global Investors has seen assets under management grow steadily over the past two years, with inflows in the first three months of 2015 standing at an impressive £3.6 billion.  

The growth plan outlined by chief executive Andrew Formica has resulted in a busier trading desk for the dealers in the business and Recordon has been flagged as a key member of the team for his ‘can do’ attitude. 

Recordon works on Henderson’s fixed income team alongside three other dealers.  He joined Henderson in November 2002. 

He is a management graduate from Manchester Business School. 

Name: Jay Hockey
Job title: Equities Trader
Company: Schroders

Schroders’ equities trader Jay Hockey joined the equities team in March 2014 following the asset manager’s acquisition of Cazenove Capital Management in 2013.

Hockey had been with Cazenove since 2002, initially working on the Unit Trust dealing team.

Since then, he has worked in a variety of positions within the business, which has equipped him with a strong contacts book and a thorough understanding of how the efficiency of the trade affects the end investor.

Between 2003 and 2004 he worked on the Hedge Fund middle office team before joining colleagues in Private Client Implementation between 2004 and 2006.  He has worked as an equity dealer since 2006.

Name: Raymond Joesoef
Job title: Equities Trader
Company: Delta Lloyd Asset Management

Raymond Joesoef has been with Dutch asset manager Delta Lloyd since January 2011, working on the equities team.

A keen triathlete, Joesoef joined the company, having worked at ABN AMRO Mees Pierson for a year as a portfolio implementation manager.

He graduated from Hogeschool van Amsterdam in 2009 with a Bachelor of Business Administration in Economics and has previously also worked at Rabobank Zaanstreek.

Name: Matthew McLoughlin
Job title: Global equity trader
Company: Legal & General Investment Management

Matthew McLoughlin joined Legal & General Investment Management a year ago after more than five and half years as a senior trader at RAB Capital.

German-speaker McLoughlin graduated the University of Surrey in 2004 with a BSc in Economics before joining AIG Global Investment Group as an assistant portfolio manager.  He passed his Investment Management Certificate while he was there. He has also previously worked at HM Treasury.

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