Ardevora Asset Management to Shut Its Trading Desk

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?

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