Ardevora Asset Management to Shut Its Trading Desk

https://dailyalts.com/wp-content/uploads/2019/11/54e4d3414856b114a6d98074cf213576083edbe2515978407c297d_640.jpg

The TRADE reports a surprising development and a surprising reaction

Ardevora Asset Management will shutter its desk and outsource its trading and execution to Northern Trust. The TRADE first reported the development on Friday. 

According to the report, the £6 billion fund manager plans to shutter its internal desk in April 2020. The TRADE reached out for comment to Northern Trust and Ardevora Asset Management. Neither offered any comment.

Ardevora Asset Management and Its Leaders

Neil Bond and Chris Mahoney have led the trading desk at Ardevora Asset Management. Bond, a UBS veteran, joined Ardevora in 2013. He plans to stay at the company until April 1. Mahoney will remain with the company and send orders through Northern Trust, according to the report. 

The decision to outsource execution is part of a larger trend in the asset management business. More companies are outsourcing execution as they face a demand to reduce costs. The Trade also reports that shutting down the desk is part of a broader effort to contain costs. 

Hayley McDowell at The TRADE reports that demand for greater front-office efficiency has been enormous. The combination of increased costs and falling fees has created a double-whammy for the industry. Northern Trust has capitalized by expanding its front-office outsourcing capabilities in 2018.

Related: Are Mutual Fund Managers Signaling A Selloff?

Free Industry News

Subscribe to our free newsletter for updates and news about alternatives investments.

  • This field is for validation purposes and should be left unchanged.


Shape

Latest Alternative Investment News

https://dailyalts.com/wp-content/uploads/2020/07/equipment-3089883_640-evidation-article.jpg
Venture Capital: Health Data Analytics Platform Evidation Raises $45M
July 2, 2020     News, Venture Capital

Evidation Health’s Achievement platform collects everyday health data for use in innovative research and health platforms. Giving due emphasis to user privacy and controlled, permissioned health data, the platform gathers…

https://dailyalts.com/wp-content/uploads/2020/07/screenshot-www.weforum.org-2020.07.02-18_06_35.png
Artificial Intelligence: A UVC Robot Disinfects 4,000 Sq Ft Food Bank in 30 Minutes
July 2, 2020     Artificial Intelligence, News

MIT’s Computer Science and Artificial Intelligence Laboratory (CSAIL), Ava Robotics, and the Greater Boston Food Bank (GBFB) collaborated on a robotic solution to the problem of disinfecting a large area…

https://dailyalts.com/wp-content/uploads/2020/07/mockup-5288033_640.jpg
Alternative Investments: TrueMark Investments Launches A Structured Outcome ETF That Tracks the S&P 500 Index
July 2, 2020     Alternative Investments, News

TrueMark Investments has launched the TrueShares Structured Outcome (July) ETF (NYSEAMERICAN: JULZ) that offers investors exposure to the S&P 500 price index. The ETF is a “structured outcome” product, the…

https://dailyalts.com/wp-content/uploads/2020/07/india-1748445_1920.jpg
Digital Assets: Crypto Gathers Pace in India After Top Court Decision
July 2, 2020     Digital Assets, News

The Supreme Court of India recently struck down a circular issued by the Reserve Bank of India that barred banks from serving crypto businesses such as traders, exchanges, or others….