| Top investment managers, benchmarked against volume-weighted average price | ||
| Rank 1 | Investment manager 2 | Difference vs. E/M universe (basis points) |
| 1 | Brandywine Global Investment Mgmt | 18.74 |
| 2 | AXA Rosenberg Investment Mgmt | 17.63 |
| 3 | Goldman Sachs Asset Mgmt | 17.10 |
| 4 | Brandes Investment Partners | 13.02 |
| 5 | Kinetics Asset Mgmt | 12.60 |
| 6 | Numeric Investors | 11.03 |
| 7 | First Quandrant | 10.72 |
| 8 | Barclays Global Investors | 9.46 |
| 9 | Leuthold Weeden Capital Mgmt | 9.39 |
| 10 | Intech Investment Mgmt | 9.31 |
| 11 | Capital Guardian Trust Co. | 7.81 |
| 12 | Artio Global Mgmt | 6.76 |
| 13 | Jacobs Levy Equity Mgmt | 6.00 |
| 14 | Nicholas-Applegate Capital Mgmt | 3.99 |
| 15 | AllianceBernstein | 3.85 |
| Top brokerage firms, benchmarked against volume-weighted average price | ||
| Rank 1 | Brokerage Firm 3 | Difference vs. E/M universe (basis points) |
| 1 | Knight Direct | 17.39 |
| 2 | Bloomberg Tradebook | 15.45 |
| 3 | Fox River Execution Technology | 14.22 |
| 4 | Kellogg Partners | 13.66 |
| 5 | Crédit Agricole Cheuvreux | 13.23 |
| 6 | Source Trading | 12.28 |
| 7 | Investment Technology Group | 9.67 |
| 8 | Pipeline Trading Systems | 6.49 |
| 9 | Citigroup | 5.57 |
| 10 | Merlin Securities | 5.45 |
| 11 | Deutsche Bank | 5.21 |
| 12 | Merrill Lynch & Co. | 5.13 |
| 13 | UBS Securities | 4.57 |
| 14 | Weeden & Co. | 4.38 |
| 15 | Instinet | 3.97 |
| Top brokerage firms, benchmarked against arrival price | ||
| Rank 1 | Brokerage Firm 4 | Difference vs. E/M universe (basis points) |
| 1 | BTIG | 69.32 |
| 2 | Fox River Execution Technology | 60.77 |
| 3 | Knight Direct | 58.89 |
| 4 | Merlin Securities | 54.25 |
| 5 | Guzman & Co. | 48.18 |
| 6 | Instinet | 45.78 |
| 7 | Brockhouse & Cooper International | 42.62 |
| 8 | Kellogg Partners | 39.28 |
| 9 | Sanford C. Bernstein & Co. | 38.71 |
| 10 | Goldman, Sachs & Co. | 29.67 |
1 Rank is for 12 months ended June 30.
2 Includes managers with more than $500 million in principal traded.
3 Includes brokerages with more than $3 billion in principal traded.
4 Includes brokerages with more than $500 million in principal traded.
Source: Elkins/McSherry.
