Upon completion the new entity will have trading relationships with more than 900 counterparties across the UK, US, Europe and Asia, with former Barclays Rich Ricci at the helm.
Following completion of the acquisition, Formuepleje’s credit portfolio managers will become part of Impax’s fixed income team, reporting to Ross Pamphilon.
Independent firms, custodians, and investment banks make up the outsourced trading provider landscape with all experiencing levels of success and uptake, but the future make-up could look very different as M&A activity has begun, larger clients are coming to the table and other major players may look to get in on the action. We assess who will win out, how these organisations differ and how the service provider space will evolve in the coming years.
Subject to closing conditions, the transaction is expected to close in January 2024.
The pair say they have almost zero overlap in terms of existing client base and intend to leverage each other’s offerings to expand.
Following two major announcements this year, The TRADE speaks to the trading venues hoping to dominate the evolving fixed income algo trading sphere.
The transaction is set to leverage CQS’s capabilities, complimenting Manulife’s existing fixed income and multi-asset solutions business.
Tradeweb is the second major fixed income venue to move to acquire an algo provider in H2 of this year after MarketAxess confirmed it was set to purchase Pragma in August.
The move is set to allow FXSpotStream clients to further optimise their trading processes and strengthen relationships with their liquidity providers.
Room Zero has consolidated more than 30 databases into one; partnership has a five-year tenor.