See related article, Elkins/McSherry - Global Transaction Costs Decline Despite High Frequency Trading.
Top investment managers, benchmarked against volume-weighted average price | ||
Rank 1 | Investment manager 2 (No. of countries firm traded in) | Difference vs. E/M universe (basis points) |
1 | Pzena Investment Mgmt | –15.29 |
2 | Arrowstreet Capital | –8.13 |
3 | Jennison Associates | –6.58 |
4 | BlackRock | –6.58 |
5 | Leuthold Weeden Capital Mgmt | –5.06 |
6 | Numeric Investors | –4.74 |
7 | AllianceBernstein | –4.38 |
8 | Deutsche Asset Mgmt | –3.77 |
9 | Jacobs Levy Equity Mgmt | –3.43 |
10 | Hotchkis and Wiley Capital Mgmt | –2.53 |
11 | Loomis, Sayles & Co. | –0.89 |
12 | W.P. Stewart & Co. | –0.63 |
13 | Piedmont Investment Advisors | –0.45 |
14 | Manning & Napier Advisors | 1.82 |
15 | New Amsterdam Partners | 3.65 |
1 Rank is for 12 months ended June 30.
2 Includes managers with greater than $1.5 billion in principal traded.
Source: Elkins/McSherry.
Top brokerage firms, benchmarked against volume-weighted average price | ||
Rank 1 | Brokerage Firm 3 (No. of countries firm traded in) | Difference vs. E/M universe (basis points) |
1 | Fox River Execution Technology | –13.19 |
2 | Liquidnet (30) | –12.10 |
3 | Agency Trading Group | –11.98 |
43 | Investment Technology Group | –10.60 |
53 | Weeden & Co. | –10.60 |
6 | BTIG | –8.86 |
7 | Source Trading | –8.65 |
8 | Credit Suisse | –8.21 |
9 | Goldman, Sachs & Co. | –8.15 |
10 | Citigroup | –7.26 |
11 | Bloomberg Tradebook | –6.92 |
12 | Merlin Securities | –6.49 |
13 | Morgan Stanley | –5.87 |
14 | UBS | –5.59 |
15 | Guzman & Co. | –5.48 |
1 Rank is for 12 months ended June 30.
2 Includes brokers with greater than $7.5 billion in principal traded.
3 Rank is based on results before rounding.
Source: Elkins/McSherry.
Top brokerage firms, benchmarked against arrival price | ||
Rank 1 | Brokerage Firm 2 (No. of countries firm traded in) | Difference vs. E/M universe (basis points) |
1 | Fox River Execution Technology | –33.84 |
2 | Brockhouse & Cooper | –24.45 |
3 | Nomura Securities International | –19.08 |
4 | Deutsche Bank | –14.30 |
5 | Bloomberg Tradebook | –14.20 |
6 | Knight Capital Group | –14.10 |
7 | Agency Trading Group | –14.09 |
8 | Weeden & Co. | –13.93 |
9 | Source Trading | –13.12 |
10 | Guzman & Co. | –8.73 |
11 | Merlin Securities | –8.48 |
12 | Jefferies & Co. | –2.04 |
13 | BTIG | –1.84 |
14 | J.P. Morgan | –1.15 |
15 | Liquidnet | –0.94 |
1 Rank is for 12 months ended June 30.
2 Includes brokers with greater than $7.5 billion in principal traded.
Source: Elkins/McSherry.
See related article, Elkins/McSherry - Global Transaction Costs Decline Despite High Frequency Trading.