Instinet Pacific Limited, a subsidiary of agency broker Instinet, has launched a transition management service for the Australian marketplace. This is the first country in the Asia-Pacific region where Instinet has introduced the service.
Graham Cook, who recently joined Instinet Pacific as head of the portfolio implementation and restructuring group, will head up the new service.
The portfolio implementation and restructuring team will use Instinet’s full suite of services, including agency-only sales trading, algorithmic trading, direct market access and trade analytics, for the transition management service. Instinet said this will allow clients to track every executed trade along with the prevailing market price, both in real-time and in a final report.
Instinet believes its agency-only status will set its transition management service apart from others. “As an agency-only broker, Instinet is free from the inherent conflicts of interest that may encumber other brokers with investment banking, research, proprietary trading and facilitation operations,” said Cook in a statement. “This is different from ‘agency’ transition managers that claim an absence of conflict by not executing the trades themselves, but in reality are merely separating themselves from the conflict, which then lies with the executing broker and is outside the direct control of the fiduciary employed to manage the transition process.”
Cook joined Instinet from Morgan Stanley and has nearly 20 years’ experience in financial services in the UK and Australia.