In the past few months we’ve toured several cities in the U.S. and abroad, meeting with asset owners, brokers, research firms and investment managers of all sizes. Whether it’s someone we know and have worked with for years, or someone we’re meeting for the first time, there’s no substitute for a face-to-face discussion.
Our travel is of course meant to raise awareness about Tourmaline Partners and the trading solutions that we provide, but it importantly also serves to educate the marketplace regarding the growth and acceptance of outsourced trading and the nuances of the products that are delivered. We see increasing interest from the buy side in both having these conversations and better understanding the space. At the same time, it’s an opportunity for us to learn more about the challenges our clients and other industry players are facing, and to understand how they might benefit from the kinds of services we offer. We want to share with you what we are hearing.
One difficulty we continue to find is that “outsourced trading” is somewhat of a misleading term; it sounds like an all-or-nothing proposition. At Tourmaline, we work with many emerging managers that at their launch choose not to have a trader for financial reasons. However, the fastest growing part of our business is working with investment managers that have their own traders and/or teams and are looking to supplement their reach to the street, improve trading alpha, gain access to additional liquidity and better manage costs.
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