Bernard Sabrier

The new entity, named Kepler Cheuvreux Unigestion Equities, is set to focus on quantitative strategies and together will manage more than €3 billion in assets, subject to regulatory approvals. 

The first stage of integration will see Unigestion transfer the €3 billion in assets under management – specifically in the form of mandates and investment funds – and simultaneously integrate the entirety of its equities team into Kepler Cheuvreux’s operational infrastructure.

Following this, Kepler and Unigestion will create the jointly owned entity, alongside the management team, focused on accelerating the business’ development through external growth initiatives.

“Unigestion brings its quantitative and qualitative public equities expertise, enhancing Kepler Cheuvreux’s well-established research capabilities. This partnership merges fundamental and quantitative research approaches, optimising portfolio management while diversifying and expanding the range of investment strategies,” said the firms in a joint statement. 

In addition, Kepler Cheuvreux is contributing a sales force of over 130 professionals and more than 1,300 institutional clients across Europe, North America, and MENA.

The firms are also set to integrate ESG criteria into the management processes for Kepler Cheuvreux Unigestion Equities, including maintaining an “active dialogue” with portfolio companies.

Speaking about the partnership, Laurent Quirin, chair of the supervisory board at Kepler Cheuvreux and Bernard Sabrier, executive chair of Unigestion’s board, highlighted that this partnership is being driven by shared ambition to “provide institutional investors with sophisticated, innovative solutions tailored to the evolving market landscape”.

They added: “The combination of Unigestion’s quantitative expertise with Kepler Cheuvreux’s research, execution and distribution capabilities, enables us to unlock unique synergies and offer a distinctive, high-value proposition.”

The post Kepler Cheuvreux and Unigestion unveil joint €3 billion asset management plans appeared first on The TRADE.

Andrew Ralich

Andrew Ralich, chief executive and co-founder of oneZero, said: “[The acquisition] underscores our commitment to delivering industry-first technology solutions, powered by data intelligence, that deliver unique value for our clients and foster loyalty with their customers. 

“Our vision for the future of capital markets – centred on customer focus and data-driven insights – dovetails perfectly with Autochartist technology and their commitment to driving retention, education and engagement through market data.”

Specifically, Autochartist’s cloud-based analytics and data engine will be integrated into oneZero’s market-leading offering. 

The deal follows on from Golden Gate Capital’s strategic investment into oneZero last November, at the time stated to be aimed at “fuelling both organic growth and strategic acquisitions”.

Read more: oneZero receives capital boost from new investor as it seeks to expand its role within the global OTC asset trading market

“Joining oneZero marks an exciting new chapter for Autochartist and our clients,” asserted Ilan Azbel, founder of Autochartist.

“Our clients will continue to benefit from the products and services they know and trust, now enhanced by oneZero’s industry-leading customer support, robust infrastructure, and extensive data resources.”

The post oneZero picks up automation business Autochartist appeared first on The TRADE.

The deal was first announced last September, and will see StoneX further enhance its fixed income offering and reach across Europe.

Octo Finances specialises in bond and convertible sales, debt capital markets, and credit research, serving clients including: banks, insurance companies, private debt funds, mutual funds, and private wealth managers. 

Anthony Di Ciollo, global head of fixed income at StoneX, said: “We’re thrilled to officially welcome Octo Finances to StoneX Group and believe the company will provide us with significant new capabilities. Our joint planning is well underway, and we are excited by the opportunities for growth for the combined business in Europe.” 

Read more: Fireside Friday with… StoneX’s Philip Smith

In the lead up to the deal last year, StoneX made a number of fixed income-focused hires across 2024, including former head of trading at Incline Global Management, Evan Halpern who was appointed managing director of fixed income outsourced trading in January, and Simon Pickworth, former MUFG, who was made an institutional fixed income trader for Central and Eastern Europe, Middle East and Africa (CEEMEA) in April.

Speaking at the time the acquisition was announced, Talabor Szabo, chief executive and co-founder of Octo Finances, enthused that “joining StoneX [is] a natural fit for Octo Finances.

He added: “StoneX’s commitment to innovation and client service aligns perfectly with our values and vision for the future. We are thrilled about the new opportunities this acquisition will bring and are eager to work together to enhance our offerings and grow our presence in the market.” 

The post StoneX picks up fixed income brokerage Octo Finances appeared first on The TRADE.

Philippe Donnet

Specifically, the joint venture would see the firms combine their respective asset management operations – Generali Investments Holdings and Natixis Investment Managers. 

Subsequently, the entity would not only rank number one by revenue in Europe, but also number two by AUM in Europe and number nine by AUM globally, according to the firms. 

Speaking about the potential impact of the acquisition, Philippe Donnet, Generali’s group chief executive, said: “Generali is committed to further building on the successful transformation and diversification of our group. The creation of a joint venture with BPCE would present a unique opportunity to establish a European leader and a top 10 global asset manager building on strong roots in Italy, France and the US to serve the constantly evolving needs of our customers.

“[…] Partnering with BPCE, which shares a similar culture and operational approach, ensures ideal conditions for a smooth and successful integration path for the combined business.” 

Upon completion, the combined business is set to be co-controlled by the two entities – each will hold a 50% interest with a joint governance structure and ‘balanced’ representation and control.

Current chief executive of GIH, Woody Bradford, would assume the role of chief executive for the entire global entity, while Philippe Setbon, current chief executive of Natixis IM, would serve as deputy CEO.

The joint venture, once approved, would offer a range of investment capabilities across both traditional and alternative asset classes, with particular strengths in Europe and North America, as well as ‘attractive’ growth potential in Asia, according to both entities.

Read more: Fireside Friday with… Generali Insurance Asset Management’s Marie-France Gavillon

“Today we are thrilled to take a new step toward creating the largest asset manager in Europe and a major global player, alongside Generali, a financial institution that shares our values,” asserted Nicolas Namias, chief executive of BPCE. 

“[…] this new ambition in asset management illustrates that the dynamic of transformation and acceleration at BPCE is fully underway.”

The post Generali and BPCE unveil JV plans to create largest asset manager in Europe appeared first on The TRADE.

Sandeep Sahai

The definitive merger agreement confirms that the purchase price will be delivered in an approximately equal mix of cash and stocks. Clearwater is expected to pay $760 million in cash and issue between 23 million and 28 million new shares to Enfusion shareholders. 

The transaction is expected to complete in Q2 2025, subject to regulatory approvals.

This deal is understood to be a key step toward Clearwater’s plan of building the first cloud-native front-to-back platform for the entire investment management industry.

“Most importantly, this acquisition enables seamless data management from the front-office to the back-office, unlocking powerful network effects that amplify client value,” said Sandeep Sahai, chief executive of Clearwater Analytics. 

According to Clearwater, around 66% of its core Total Addressable Market (TAM) stems from the asset management industry, yet this accounts for just a third of its overall revenue. Through the acquisition this is set to change, thanks to Enfusion’s next-generation platform which has been built for asset managers with a focus on the front-office.

Specifically, the strategic plan is to introduce front-to-back platform leadership. Enfusion’s front-office capabilities include: IBOR, portfolio and order management, all set to be incorporated into Clearwater’s middle and back-office solutions. This unified, and cloud-native, platform is set to enhance clients’ processes and improve efficiency. 

“Together with Clearwater, our shared passion for building innovative technologies and enriching every aspect of the client journey will now accelerate and enhance our combined ability to support our clients’ evolving needs – whether they are expanding into new strategies, asset classes, or geographies,” said Oleg Movchan, chief executive of Enfusion. 

In addition, the acquisition will allow Clearwater to expand into the hedge fund industry thanks to Enfusion’s established reach in the sphere. Through this expansion, the company’s TAM is expected to increase by $1.9 billion. 

Furthermore, the deal opens the door for more global growth, said the firm which currently only has 18% of its revenue stemming from outside the US. Enfusion by comparison has 38% of its revenue generated in Europe and Asia.

Read more: Clearwater picks up Wilshire Advisors’ risk analytics platforms for $40 million

Sahai added: “Today’s announcement is about creating a future where our clients benefit from the synergy of two highly complementary, innovative software leaders, paving the way for a unified, cloud-native front-to-back platform that’s primed to serve institutional investors like never before.”

The post Clearwater Analytics picks up SaaS business Enfusion in $1.5 billion deal appeared first on The TRADE.

As part of the move, MIM is acquiring the high yield and bank loan, strategic fixed income and small-cap equity teams and certain related investment products.

Nearly $6 billion of assets managed by the acquired team will transfer to MIM, under the terms of the transaction. The deal remains subject to customary approvals and consents.

The acquisition comes as part of MetLife’s strategy to accelerate growth in asset management and MIM’s efforts to expand offerings and channels, alongside adding higher yield capabilities.

In addition, the firm added that the acquisition will advance the development of its leveraged finance platform, adding opportunistic high yield and bank loan strategies with risk-return profiles that complement MIM’s current offering. This includes the strategies expected to be added through the announced acquisition of PineBridge Investments.

“Building businesses with investment talent is a core belief,” said Jude Driscoll, president at MIM.

“As fundamental, bottom-up investors, these investment teams are excellent strategic fits and bring seasoned talent to MIM. By leveraging the power of the MIM platform, we believe we can accelerate growth in these strategies through investment performance and the breadth of our distribution capabilities.”

The acquired teams consist of around 20 investment professionals, which are anticipated to join MIM on completion of the transaction.

“We are confident that MetLife will deliver scaled resources well suited to these three traditional investment strategies,” said Natalie Brown, chief executive at Mesirow.

“Going forward, Mesirow will continue to focus on growing our alternatives capabilities and core wealth management, fiduciary solutions, and capital markets/investment banking offerings, which have over $300 billion in total assets under supervision.”

The post MetLife IM set to acquire investment teams managing $6 billion from Mesirow appeared first on The TRADE.

The Series B strategic investment follows a previous funding round and will specifically fund the investment in talent and technology necessary for A5X’s launch. 

The five latest investors, as well as contributing capital, are set to share their joint knowledge in the creation and evolution of other stock exchanges globally also, said IMC in a social media announcement. The total capital raised so far stands at an estimated R$200 million following both Series A and B rounds. 

The development of the new derivatives exchange has been in the works for 18 months and is set to offer trading and post-trading solutions in Brazil. 

Optiver released a seperate statement stating how the investment was made by its principal strategic investments (PIC) team which is aimed at “forming long-term strategic relationships with companies linked to [Optiver’s] core mission of improving the market.”

IMC shared words from Carlos Ferreira, chief executive of A5X, who highlighted the diversity of the strategic investors and their complementary make-up, adding: “With the recent regulatory changes introduced through RCVM 135 and RBCB 304, the numerous technological innovations that impact the sector around the world and a global scenario for new boiling exchanges, A5X was born to improve the experience of all investors in Brazil. 

“The announcement of Series B composed of investors of such reputation and expertise makes us even more solid to achieve this goal.”

The post Optiver, XTX Markets among consortium to back launch of Brazilian derivatives exchange A5X appeared first on The TRADE.

ICE has acquired 100% of the venue from 7RIDGE. Further details of the transaction have not been disclosed but ICE confirmed that the acquisition is not expected to have a material impact on its 2025 financial results or its deleveraging and capital return plans.

ICE said the acquisition was a natural fit given its developments in the mortgage technology sphere, including the development of its network of mortgage assets for the management of the US mortgage life cycle.

This network was created to deliver ICE’s mission to lower mortgage costs for lenders and borrowers through digitising the mortgage workflow ecosystem.

“Complementing our leading global index business and our best-in-class mortgage technology network, AFX is a natural fit to ICE,” said Christopher Edmonds, president of ICE fixed income and data services.

“AFX’s focus on regional, mid-size, community and minority-owned banks covers many of the same customers ICE serves through our mortgage technology network. We look forward to continuing to serve this important market, delivering innovation and new product development made possible through the addition of AFX to our portfolio.”

AFX operates the American Interbank Offered Rate (AMERIBOR) which is set daily based on unsecured interbank loans executed on the AFX platform, producing an interest rate which reflects banks’ actual unsecured borrowing costs.

“AFX becoming part of ICE marks an extraordinary opportunity for AFX and we are confident that ICE’s leadership will amplify AFX’s success and its purpose to serve regional and local American banks by creating a transparent, robust and efficient interbank lending ecosystem,” added Carsten Kengeter, chief executive at 7RIDGE.

The post ICE acquires American Financial Exchange appeared first on The TRADE.

We’ve said it before and we’ll say it again – we’re good at people moves. So, with two big names like Citi and Citadel in the title, it was going to be hard for this one not to get your attention.

Coming in at number seven in The TRADE’s most read stories for 2024 was news that Vincent Hall had joined Citi as an equity trader following two years at Citadel where he served in the same role.

He returned to Citi after four years in September, having previously worked at the firm as associate vice president in emerging markets equity trading. Elsewhere in his career, Hall has also worked at BlackRock as an associate.

Read more: Fireside Friday with… Citi’s Chris Gooch

Earlier this year, Citi appointed Jamie Miller as new head of electronic equity sales trading for the EMEA region, as revealed by The TRADE. Miller has been with the firm eight and a half years as an employee of the bank, specialising in equity sales trading.

Now you may have noticed that this year is The TRADE’s twentieth birthday – if not then there is a strong chance you have been living under a rock because we’ve made a really big fuss over it.

As part of our year-long celebrations, The TRADE’s editorial team took it upon themselves to deep dive into our beloved industry, producing top 20 lists that explore all corners of the markets.

Among these in depth pieces and coming in at number seven this year in our most read stories is a roundup of the top 20 merger and acquisition stories from across market structure and the trading world. We pride ourselves in being a reference point for our industry with 20 years of content behind us, and these lists summarise everything you need to know in one place.

In this exquisitely detailed piece, TRADE senior reporter Claudia Preece delves into the minutiae of these landmark deals and unpacks their significant and lasting impact on the market.

There are simply too many deals to include in this roundup but if you haven’t read it yet then use the link included above. We’d recommend you make yourself a cup of something first as she’s a biggie.

5. Millennium taps UBS for new senior trader appointment

Coming in at number five and adding to the spattering of people moves included in these most read roundups was news that Millennium had appointed You Khai Tan as senior trader, based in Singapore.

As revealed by The TRADE in March, Tan joined Millennium from UBS, where he had spent the last 13 years, based in Hong Kong and Singapore.

Most recently, Tan held a global portfolio trading position, which included trading global equities with strategy implementation via algorithms, crossing networks and global portfolio trading desks.

Prior to that, Tan held a global markets, APAC cash equities position based in Singapore.

Elsewhere in his career, Tan served at Maybank Investment Banking Group in an equity sales trading role.

He announced his appointment in a social media post, adding: “I’m grateful for this opportunity to broaden my horizons and am thankful to the wonderful individuals and mentors in my professional life.”

While writing up the biggest moves from across the industry brings with it a certain degree of joy, nothing matches recognition received for a longer form piece of work that explores a corner of the markets in more depth.

A great deal of effort goes into The TRADE’s longer form content and coming in at number four in our most read stories this year was a feature exploring the world of open outcry and the potential for a renaissance of it.

Despite the indisputable decline in physical trading practices, it is enduring within an increasingly technological capital markets world which has already put innumerable out-dated practices out of fashion. Market opinion – and moves – suggest that mourning the death of open outcry may be premature.

Like the return of old Nokia’s and ‘dumbphones’ in the era of the smartphone, a hungering for print in the age of digital, and the comeback of the polaroid camera and vinyl, perhaps there’s just reason why these concepts were once deemed great.

Following the announcement from MIAX in October 2023 about plans to launch a new US options electronic exchange and physical trading floor, The TRADE wanted to delve into why open outcry has persisted and the potential for a quiet resurgence of the dying practice. If you haven’t already then absolutely give it a read.

That concludes the second roundup of The TRADE’s most read stories. Tune back in on Friday 27 December to find out what our top three most read pieces of the year have been… exciting! In the meantime, happy holidays.

The post The TRADE’s most read stories of 2024, part two: People moves, TRADE 20 roundups, and open outcry appeared first on The TRADE.

Coming in at number 10 in our 2024 most read countdown was a major merger and acquisition scoop announced at the start of the year. As revealed by The TRADE and sister publication Global Custodian in February, fintech giant acquired SaaS post-trade platform Torstone Technology.

The deal will further bolster FIS’ capital markets technology offering, having acquired SunGard in a major deal back in 2015. The firm has also made waves through a number of other bolt-on acquisitions and landmark mandates.

Torstone is a global SaaS platform for post-trade securities and derivatives processing technology, originally built by and for a global investment bank. 

The fintech was founded in 2011 with originator and CEO Brian Collings still chief executive and chair today. Torstone is headquartered in London, with offices in New York, Toronto, Hong Kong, Singapore, and Tokyo.  

Speaking at the time of the deal, a spokesperson for Torstone confirmed that the firm was not able to disclose more detail at that stage. A spokesperson for FIS added that the firm as a rule does not comment on market rumour or speculation.

A source speaking to The TRADE, under the condition of anonymity, said: “The acquisition makes perfect sense from the FIS perspective as the vendor can add modern securities processing capabilities to its existing suite of capital markets focused offerings. On the Torstone side, it gives the smaller vendor deeper pockets to build out its capabilities and reach into new geographies.

The TRADE is renowned for its coverage of major people moves from across our industry and so it’s fitting that number nine this year in our most read stories is quant-focused role at Citadel.

As revealed by The TRADE following a post on his social media, Citadel appointed Mukunth Raghavan as head of American Treasury quants, based in New York, in October earlier this year.

As part of the role, Raghavan will serve a broad mandate across both Citadel Asset Management and Citadel Securities. He joins Citadel from Goldman Sachs, where he most recently served as vice president within the bank’s global equities team.

In an earlier stint at Goldman, Raghavan worked as vice president, quantitative strategies within the bank’s equities prime services. In this role he built analytical tools, trading strategies and optimisation models.

Elsewhere in his career, Raghavan spent three years at McKinsey & Company, most recently serving as a management consultant.

8. Goldman Sachs AM set to leverage BNY’s buy-side trading solution

And finally, coming in at number eight and concluding this first roundup of The TRADE’s most read series, is news relating to an outsourced trading deal involving some rather large household names.

News broke in March that BNY was set to begin offering its buy-side trading solution to Goldman Sachs Asset Management as the firm continues to expand the reach of its outsourced trading offering across the market.

The new buy-side trading relationship specifically concerns a division of Goldman Sachs Asset Management’s EMEA business, The TRADE understands.

As part of the agreement, BNY is delivering global trade execution services in EMEA, the US and APAC markets across fixed income, FX, derivatives and ETFs. 

BNY’s buy-side trading solutions business was launched in 2023, providing a flexible solution. As the firm explained, “outsourced trading does not have to be a onesize fits all approach, it can be customised to meet your needs”.

Currently, the offering includes a ‘partial outsourcing’ offering wherein a supplemental service is offered, as well as ‘full outsourcing’ where the firm assumes the responsibilities of the trading desk. It supports institutional clients with global multi-asset trade execution services across over 100 countries. 

Read more: The Outsourced Trading Handbook 2023

“BNY is proud to support Goldman Sachs Asset Management’s sophisticated trading needs as they grow their world class investment platform,” said the firm in an official statement.

Outsourced trading is a trend which continues to be on the rise, whether full outsourcing or a supplement to the trading desk, more factors are pushing firms towards the service.

The attention has been increasingly turning to larger managers and while for the C-suite it might be an obvious economic decision, for many on the trading desk the topic continues to be a somewhat contentious one.

That concludes this first roundup of The TRADE’s most read content in 2024. Tune back in tomorrow for stories seven to four.

The post The TRADE’s most read stories of 2024, part one: M&A, quant moves, and outsourced trading remits appeared first on The TRADE.