Dresdner Kleinwort, the investment banking division of Dresdner Bank, has entered into an agreement with Goldman Sachs International that will allow Dresdner to access a range of equity algorithms. This follows the departure of Dresdner’s in-house algorithm team at the end of 2007.
Dresdner says the agreement will allow it to offer clients algorithmic trading alongside portfolio trading and direct market access.
“Given the increasing importance of electronic trading for our institutional customers, this step ensures we have a top quality product in this fast-moving area of the market and are well equipped to meet our clients’ needs,” said Zach Tuckwell, head of portfolio trading, DMA and algorithmic trading at Dresdner Kleinwort, in a statement.
Dresdner had been developing its own algorithms, but this project suffered a blow when the team working on the algorithms, including Nicholas Wright, director of DMA and algorithm sales, and Miles Kumaresan, global head of algorithmic trading, left the bank at the end of 2007.