facebook linkedin twitter
Saturday, November 2, 2024
facebook linkedin twitter

FLASH FRIDAY: Meet a Trio of Instinet Zoomers

By
Editorial Staff
-

FLASH FRIDAY is a weekly content series looking at the past, present and future of capital markets trading and technology. FLASH FRIDAY is sponsored by Instinet, a Nomura company.

Flexibility and resilience are among attributes credited to people of Generation Z.

According to a recent Stanford University report, “The world of Gen Z has been defined by technological changes happening at rapid speeds that also reshaped social experiences. Disruption and impermanence have always been part of the world Gen Z experienced – for them, it’s a norm, not an exception.”

Kobe Ip, Declan Lavin and Caroline Joannes of Instinet are proof of this, as the three Zoomers are making their marks on the job and ready to take on more.

Read on:

Kobe Ip – Analyst, Portfolio Sales Trader (Hong Kong)

Briefly describe your educational background and work experience, including current role/responsibilities.

I graduated from the University of Exeter last year with a bachelor’s degree in Economics. During which, I had also co-founded and led a crypto start-up that aimed to create a stock market for music. I joined Instinet as a Program Sales Trader shortly after my studies. The role has provided me with exposed to the ins and outs of using various algorithms and servicing client needs across the APAC region.

How did you get interested in the world of finance / fintech?

I think the first time I was exposed to anything remotely related to finance or fintech was during middle school where a few of my friends were talking about buying Bitcoin. I finally touched the markets a while later during the GameStop short squeeze, joining the bandwagon and buying a speculative call. While the investment didn’t go as well as I wanted, it made me realize the breadth of the industry, sparking an interest to understanding the market and its nuances.

What is the best aspect of your job?

Every day is different. The nature of my role has made it so that there is always something new to learn. Whether its gaining and refining market microstructure knowledge to how best to execute client orders, I’m always kept on my toes.

Any notable mentors, past or present, that you’d like to recognize?

I’m very fortunate to have the privilege of learning from a supportive and experienced team so early on in my career. That said, one person I am particularly happy to recognize is Stephen Hart, whose careful guidance, mentorship, and patience has been no doubt been paramount to my development thus far.

Is it true Gen Z hates to talk on the phone?

Funnily enough it is definitely something I’ve noticed with myself and fellow peers who are also just starting out. There’s no doubt a jarring element to picking up calls, but after the first couple of times, your confidence builds and any anxiety fades.

Declan Lavin, Associate, International High Touch Trading (New York)

Briefly describe your educational background and work experience, including current role/responsibilities.

I graduated from Fordham University in 2021 with a Bachelors degree in Business Administration with a Concentration in Finance and Information Systems and a Minor in Economics. I have been at Instinet just shy of three years and sit on the International High Touch trading desk. I am responsible for trading client orders both in the US and Internationally, doing ADR conversions, and FX conversions for client’s orders.

What is the best aspect of your job?

    No two days are the same. While some aspects remain constant, the changing news and client strategies presents new challenges each day. These challenges require me to adapt quickly and thoughtfully, developing different approaches to handle various situations. I also value the opportunity and trust that I have been given in my time at Instinet since joining out of college. 

    What do you like to do outside work?

    Living in New York City has given me a ton do outside of work. I enjoy going for runs most nights during the week as a good way to clear my head. I love trying new restaurants throughout the city with friends and family. I play some recreational sports through work and outside of work as well with friends to keep me busy.

    What is your social media platform of choice, and why?

    X (formerly Twitter). I really love sports and think that it is the best way to get quick news and updates for my favorite teams.

    Flash forward 20 years: What does your career look like?

    I hope to be in the industry long enough to one day run a desk or be able to become a part of management within the equities business. It is a growing and evolving business, especially with the move to AI in the FinTech space. I believe there will be many opportunities to grow and build within the industry but it will depend on the ability to adapt. 

    Caroline Joannes, Vice President, Index Trader (London) 

    Briefly describe your educational background and work experience, including current role/responsibilities.

    I received my Bachelors degree from Tulane University in 2019 with a double major in Mathematics and Finance. After graduation, I started on the Program Trading desk at Instinet in New York. I initially spent my time helping with execution trading and the Americas index product, and I recently moved to Instinet’s office in London to focus on the Europe & Middle East index product.  

    How did you get interested in the world of finance / fintech?

      I’ve always enjoyed the fast-paced nature of financial markets, and found it was a great industry for someone who enjoys problem solving and the idea that no two days are the same.

        What is the best aspect of your job?

        I’ve been given the opportunity to take on a lot of responsibility early on, which comes with a lot of autonomy. That said, I get to work closely and collaborate with colleagues across the globe and I’m always eager to learn from their experiences.  

          Any notable mentors, past or present, that you’d like to recognize?

          There are too many to list, as I wouldn’t be where I am today without my colleagues here in London and back in New York; but if I had to recognize one it would be my supervisor during my time in New York, Larry Weiss. He has been instrumental in my success at Instinet and has given me so many opportunities to expand my knowledge. I’m very grateful for everything he has taught me about the business over the past few years. 

            What is your social media platform of choice, and why?

            TikTok. Beyond the endless amount of content that can be consumed, I enjoy the highly personalized and shorter tidbits of content it provides. 

            See Traders Magazine’s previous Gen Z interviews with Clear Street, Robinhood Markets, T. Rowe Price, Citadel Securities, and DB.

              Security Budgets Continue to Outpace IT Budgets

              By
              Anna Lyudvig
              -

              Over the past five years, the security budget as a percentage of IT spending has steadily increased, rising from 8.6% in 2020 to 13.2% in 2024, according to the findings of the 2024 Security Budget Benchmark Report.

              Steve Martano

              The report published by IANS Research and Artico Search, has revealed that as a percentage of revenue, security budgets have grown from 0.50% to 0.69% during the same period.

              “Security becomes more directly correlated with enterprise value, particularly for companies planning to transact in the near term,” said Steve Martano, IANS Faculty and Executive Cyber Recruiter at Artico Search.

              The study compiled findings from the fifth annual CISO Compensation and Budget Research, including responses gathered from over 750 Chief Information Security Officers (CISOs) between April and August 2024.

              According to Nick Kakolowski, Sr. Research Director at IANS, it’s clear that CISOs are prioritizing strategic investments over broad expansions.

              “The focus is on strengthening defenses against sophisticated threats like AI-driven attacks, even as CISOs navigate tighter fiscal environments,” he said.

              “Our research highlights the careful approach security leaders are taking, ensuring that every dollar spent is justified by the most pressing risks,” he added.

              According to the findings, nearly two-thirds of CISOs reported increasing budgets.

              The average growth has risen from 6% in 2023 to 8% this year, but this is only about half of growth rates in 2021 (16%) and 2022 (17%). A quarter of CISOs experienced flat budgets while 12% faced declines.

              The research highlights that significant budget increases are often reactive, driven by external factors such as incidents, breaches, or the rising risks such as those associated with AI adoption.

              Additionally, internal dynamics like rapid company expansion or strategic shifts, including mergers and acquisitions, were cited by CISOs as key contributors to justify accelerated budget growth.

              Despite the budget increases, hiring trends tell a different story. Staff growth has slowed significantly, decreasing from 31% in 2022 to 16% in 2023 and further falling to 12% this year.

              Over a third of CISOs reported maintaining consistent headcount, reflecting a more measured approach to expanding security teams.

              “For the last 12 months, it has been difficult for CISOs to add staff even when there’s a need in the organization,” said Martano.

              “Teams are being asked to do more with less and CISOs are finding it difficult to get budget for recruiting and hiring. This puts a lot of pressure not only on CISOs, but also on their teams,” he added.

              Global Financial Services Firms Face Compliance Challenges

              By
              Anna Lyudvig
              -

              Operational resiliency is a critical priority for financial firms around the world, driven by a fundamental need to strengthen trust and security in response to the growing risk of cyberattacks and disruptions, according to Mike Sleightholme, President of Broadridge International.

              Mike Sleightholme

              Broadridge has released a new whitepaper focused on the imperative need for financial services firms to enhance their operational resilience in reaction to the European Union’s Digital Operational Resilience Act (DORA) and other global regulations.

              The whitepaper, titled ‘Building Resilience Across Borders: A holistic approach to global operational resilience and navigating the regulatory maze,’ highlights the extensive regulatory expectations and the strategic preparations necessary for compliance.

              “The broad and in-depth scope of DORA mandates a significant transformation in risk management frameworks, policies and governance structures relating to both inhouse and third-party systems, posing urgent challenges that the industry needs to address ahead of the January 17, 2025 deadline,” commented Sleightholme in a press statement.

              Key findings from the whitepaper include:

              • Worldwide regulatory priority: Besides the EU, regions such as the US, Canada, the UK, South Africa, Japan, Hong Kong, Singapore and Australia are also tightening their operational resilience regulations.
              • Global scope and impact of DORA mandates significant changes to operational risk management and resilience across nearly all areas of financial services, impacting firms operating in the EU irrespective of where their headquarters and third-party suppliers are located.
              • Clock is ticking, firms must begin their DORA compliance preparations now, as the January 2025 enforcement date necessitates extensive system reviews and data reporting readiness. Firms must focus resources on mobilising their action plan, potentially leveraging mutualized shared services.
              • Watch out for regulatory enforcement, noncompliance with operational resilience mandates is likely to result in stringent enforcement actions. Firms need to start prioritizing cybersecurity and risk reduction today.
              • Increased regulatory focus on third-party service providers and internal IT systems highlights the need for thorough operational reviews and compliance assurance.

              According to Virginie O’Shea, Founder of Firebrand Research, who worked with Broadridge to develop the whitepaper, regulators are emphasizing and prioritizing operational resilience, yet there is a growing sense that many firms remain far from ready, exposing themselves not only to operational resiliency risk but also to regulatory compliance risk.

              “Firms must act now to mobilize their DORA action plans, including a detailed assessment of their critical systems and services, and an impact analysis to ensure they can deliver a compliant operating model and meet recovery and reporting objectives aligned to DORA’s requirements,” she said.

              OCC Reports August Monthly Volume

              By
              Press Release
              -

              OCC August 2024 Monthly Volume Data

              Contract Volume

               August 2024 ContractsAugust 2023 Contracts% Change2024 YTD ADV2023 YTD ADV% Change
              Equity Options556,423,988518,271,3597.4%25,074,42623,059,1068.7%
              ETF Options405,962,113410,852,359-1.2%18,124,49217,641,6262.7%
              Index Options97,974,01889,057,95810.0%4,163,5613,677,03013.2%
              Total Options1,060,360,1191,018,181,6764.1%47,362,47944,377,7626.7%
              Futures6,986,4945,527,31526.4%251,604217,98715.4%
              Total Volume1,067,346,6131,023,708,9914.3%47,614,08344,595,7496.8%

              Securities Lending

               August 2024 Avg. Daily Loan ValueAugust 2023 Avg. Daily Loan Value% ChangeAugust 2024 Total TransactionsAugust 2023 Total Transactions% Change
              Market Loan + Hedge Total168,267,013,730139,830,709,92320.3%262,633 218,91019.97%

              Additional Data

              Media Contact:

              OCC Public Relations
              PublicRelations@theocc.com

              About OCC

              The Options Clearing Corporation (OCC) is the world’s largest equity derivatives clearing organization. Founded in 1973, OCC is dedicated to promoting stability and market integrity by delivering clearing and settlement services for options, futures and securities lending transactions. As a Systemically Important Financial Market Utility (SIFMU), OCC operates under the jurisdiction of the U.S. Securities and Exchange Commission (SEC), the U.S. Commodity Futures Trading Commission (CFTC), and the Board of Governors of the Federal Reserve System. OCC has more than 100 clearing members and provides central counterparty (CCP) clearing and settlement services to 21 exchanges and trading platforms. More information about OCC is available at www.theocc.com.

              The Rise of Electronic FX Options Trading: An Inevitable Evolution

              By
              SGX FX
              -
              Alan Dweck, SGX FX

              By Alan Dweck, Chief Operating Officer, SGX FX buy-side solutions

              Foreign Exchange (FX) options trading has undergone a remarkable transformation in recent years, moving increasingly towards electronic platforms. This shift, driven by institutional clients such as asset managers and hedge funds, underscores a broader trend towards transparency, efficiency, predictability and competitive pricing in FX markets. But this transition is not just a technological evolution, it’s a fundamental change that promises significant benefits for market participants and highlights the growing importance of integrated FX execution management systems (EMS).

              Traditionally, investment banks have offered access to price and trade FX options exclusively through their single-dealer portals, thereby allowing them a large degree of exclusivity when quoting FX options and effectively limiting clients’ ability to shop around for the best possible prices. Understandably, this practice has faced mounting opposition from institutional investors who, for some-time now, have been mandated to ensure best execution for their clients. Furthermore, some LPs, whilst ostensibly supporting multi dealer environments, have been selectively responding to requests based on the originating platform. In this way they encourage clients to trade through single-dealer portals, potentially leading to suboptimal price execution. Such approaches are becoming increasingly untenable in the face of modern demands for transparency and efficiency.

              The reality is that the longstanding resistance from investment banks is now being overcome by the sheer force of market demand for fairness and transparency along with technological improvements. Take the commoditised nature of plain vanilla options, for example: a basic call or put option on EUR/USD is ripe for electronic trading. These options are standardised and widely traded, meaning their pricing should naturally be competitive and transparent. The move towards electronic platforms allows clients to access multiple quotes from different providers, ensuring they can select the best available price. This not only enhances market efficiency but also aligns with the fiduciary duty of asset managers to deliver best execution.

              This is not to say that all FX option types are moving in a fully automated direction. Exotic options, for example, present a different scenario. More complex and less frequently traded instruments, such as a Bermuda-style lookback straddle option on the EUR/USD, still necessitate the bespoke services that banks provide. The market for these exotic options is not yet suited for full automation due to their intricate nature, complex credit considerations, and the multiplex risk considerations required for bespoke pricing by option providers. Here, the banks’ expertise and personalised service remain valuable, and their control over this segment of the market is less likely to diminish in the short term.

              These more complex options aside, the advantages of integrating electronic FX options trading into an FX EMS are manifold. An integrated solution streamlines the trading process, from order management to execution and post-trade reporting. This seamless integration enhances operational efficiency, reduces errors, and provides comprehensive analytics, allowing traders to make more informed decisions. Moreover, it ensures compliance with regulatory requirements, which increasingly mandates best execution and transparency.

              Asset managers and hedge funds’ insistence on competitive pricing and efficient execution is reshaping the FX options market. Banks, despite their initial resistance, are now recognising the inevitability of this shift. Those banks that have adapted by embracing electronic platforms and integrating their services into comprehensive EMS solutions are benefitting from increased client trust and business.

              Furthermore, electronic trading platforms provide a level playing field where prices are determined by market dynamics rather than the opaque practices of a few dominant players. This democratisation of trading fosters innovation and competition, ultimately benefiting the entire market ecosystem. As more participants engage with electronic platforms, liquidity improves, spreads tighten, volumes increase and the overall cost of trading decreases for all parties.

              The shift towards electronic FX options trading marks a significant milestone in the evolution of financial markets. The inexorable demand for best execution and transparency is driving change. Plain vanilla options, with their commoditised nature, are leading the way in this transition, while exotic options still benefit from bespoke banking services.

              The integration of electronic FX options trading into wider FX EMS solutions offers unparalleled advantages, heralding a new era of efficiency, transparency, and competitive pricing in the FX options market. The future is clear: electronic trading is not just an option; it is the path forward towards a fairer and more efficient financial marketplace.

              SEC Charges Six Credit Rating Agencies with Significant Recordkeeping Failures

              By
              SEC
              -
              Sanjay Wadhwa, SEC

              Firms admit to wrongdoing and agree to pay penalties totaling more than $49 million to settle SEC charges

              Washington D.C., Sept. 3, 2024 — 

              The Securities and Exchange Commission today announced charges against six nationally recognized statistical rating organizations, or NRSROs, for significant failures by the firms and their personnel to maintain and preserve electronic communications. The firms admitted the facts set forth in their respective SEC orders; acknowledged that their conduct violated recordkeeping provisions of the federal securities laws; agreed to pay combined civil penalties of more than $49 million, as detailed below; and have begun implementing improvements to their compliance policies and procedures to address these violations.

              • Moody’s Investors Service, Inc. agreed to pay a $20 million civil penalty;
              • S&P Global Ratings agreed to pay a $20 million civil penalty;
              • Fitch Ratings, Inc. agreed to pay an $8 million civil penalty;
              • HR Ratings de México, S.A. de C.V. agreed to pay a $250,000 civil penalty;
              • A.M. Best Rating Services, Inc. agreed to pay a $1 million civil penalty; and
              • Demotech, Inc. agreed to pay a $100,000 civil penalty.

              Each of the credit rating agencies, with the exception of A.M. Best and Demotech, is also required to retain a compliance consultant. A.M. Best and Demotech engaged in significant efforts to comply with the recordkeeping requirements relatively early as registered credit rating agencies and otherwise cooperated with the SEC’s investigations, and, as a result, they will not be required to retain a compliance consultant under the terms of their settlements.

              “We have seen repeatedly that failures to maintain and preserve required records can hinder the staff’s ability to ensure that firms are complying with their obligations and the Commission’s ability to hold accountable those that fall short of those obligations, often at the expense of investors,” said Sanjay Wadhwa, Deputy Director of the SEC’s Division of Enforcement. “In today’s actions, the Commission once again makes clear that there are tangible benefits to firms that make significant efforts to comply and otherwise cooperate with the staff’s investigations.”

              Each of the six firms was charged with violating Section 17(a)(1) of the Securities Exchange Act of 1934 and Rule 17g-2(b)(7) thereunder. In addition to significant financial penalties, each credit rating agency was ordered to cease and desist from future violations of these provisions and was censured. The four firms ordered to retain compliance consultants have agreed to, among other things, conduct comprehensive reviews of their policies and procedures relating to the retention of electronic communications found on their personnel’s personal devices and their respective frameworks for addressing non-compliance by their personnel with those policies and procedures.

              The SEC’s investigations into Moody’s Investors Service, Inc., S&P Global Ratings, A.M. Best Rating Services, Inc., HR Ratings de México, S.A. de C.V., and Demotech, Inc. were conducted by Wesley W. Wintermyer and Michael S. DiBattista and were supervised by Judith Weinstock and Sheldon L. Pollock, all of the New York Regional Office. The SEC’s investigation into Fitch Ratings, Inc. was conducted by Joseph P. Ceglio and Mr. Wintermyer and was supervised by Ms. Weinstock, Joshua I. Brodsky, Osman E. Nawaz, and Mr. Pollock, all of the New York Regional Office. SEC staff from the Office of Credit Ratings assisted with the investigation.

              Meet Giang Bui, Markets Media’s Newest WIFA Advisory Board Member

              By
              Anna Lyudvig
              -

              Giang Bui, Head of U.S. Equities & Exchange-Traded Products (ETP) at Nasdaq, is the newest addition to the Markets Media’s Women in Finance Advisory Board. Traders Magazine spoke with Giang Bui to discuss what it means for her to be on the Advisory Board and her personal interests.

              Giang Bui

              Please tell us about yourself.

              My career started in the exchange and exchange-traded product (ETP) world at the New York Stock Exchange on its Index and ETP team. I then moved to BATS, which was subsequently bought by Cboe, where I helped build out its ETP franchise.

              At the end of 2020, I moved to Nasdaq, where I am currently the Head of U.S. Equities and ETPs. In that role, I am responsible for developing and executing the growth and strategic vision of Nasdaq’s ETP business, the three equities exchanges operated by Nasdaq—The Nasdaq Stock Market, Nasdaq BX, Nasdaq PSX—and the Nasdaq over-the-counter Trade Reporting Facility (TRF).

              What does it mean for you to be on the WIF Advisory Board?

              For me, being on the WIF Advisory Board means having the opportunity to contribute to recognizing and advocating for talented women in our industry. I am honored to be part of the community of accomplished women on the board, with whom I look forward to partnering and learning.

              How did you become interested in finance?

              In college, as a math and economics major, I interned with a wealth management group. In that role, I saw how the financial advisors helped clients of different backgrounds and ages prepare for life events and build wealth for their families. I was and still am drawn to the fast-paced, problem-solving nature of finance, along with the ability to build personal relationships with customers and help them accomplish their goals.

              What do you do in your spare time? What are your hobbies?

              I really enjoy traveling and exploring different cultures and cuisines. In that same vein, I also love trying new restaurants and markets around the city. In the office, I would like to think I am known as someone who can be trusted for food and restaurant recommendations, and I hope I can share that with my peers on WIF as well.

              Also, and potentially most importantly, I am a proud owner of a 2-year-old corgi who has complete run of my house.

              What were the best words of wisdom anybody has ever told you?

              Stretch yourself, in all aspects of life, whether professionally or personally. At first it may feel uncomfortable, but it will ultimately help you be more prepared for the future. After a while, a once difficult responsibility becomes easy, allowing you to find a new challenge to stretch yourself toward.

              Nominations are open for Markets Media Group’s 10th-annual U.S  Women in Finance Awards, which will be held in New York on the evening of Thursday, Nov. 21.

              IntelligentCross Adds Scott Kursman as Chief Compliance Officer

              By
              Press Release
              -
              Scott Kursman, IntelligentCross

              IntelligentCross, a leading US equity trading venue, announced today that it has hired Scott Kursman as Chief Compliance Officer. 

              Kursman was previously at Citi, where he served as Managing Director and Chief Compliance Officer for Citigroup Global Markets, Inc., and Citibank, N.A. Swap Dealer. In his new role, Kursman will report to Roman Ginis, Founder and CEO of the parent company Imperative Execution, and will be responsible for overseeing all compliance matters for the broker dealer subsidiary, IntelligentCross.  

              Kursman was at Citi for over 15 years, and previously served as Chief Counsel for Global Compliance at Barclays, (previously Lehman Brothers), Associate General Counsel at SIFMA, and as an equity trading lawyer for Prudential Securities.  Kursman started his career as an attorney in the Securities and Exchange Commission’s Division of Trading and Markets. He holds a J.D. from Boston University School of Law, and a B.A. in Political Science from Tufts University. 

              A trusted industry leader, Kursman currently serves as President of the SIFMA Compliance & Legal Society, and previously served terms on FINRA’s National Adjudicatory Council and Large Firm Advisory Committee.  

              Scott Kursman said: “I am thrilled to be joining IntelligentCross at this time of dynamic growth. This innovative firm is developing enhanced execution capabilities that seek to benefit investors, which is a mission that I find incredibly compelling. I look forward to using my experience in market regulation to help my new colleagues continue to deliver pioneering solutions, better performance, and greater efficiency for the securities markets.”  

              Source: IntelligentCross

              3forge Secures Investment from Morgan Stanley 

              By
              Press Release
              -
              Robert Cooke, 3forge

              NEW YORK, Sep 4, 2024 – 3forge, the leader in innovative High Impact™ code solutions for business-critical applications, announced today that it has closed on an investment by Morgan Stanley. This is the first time 3forge has raised external capital since launching in 2011. 

              3Forge is a high-performance platform used by developers to build enterprise applications. Its technology has enabled the rapid development and deployment of front-end applications with a focus on real-time data integration, virtualization, processing and visualization. 

              Since 2014, Tier-1 global banks, hedge funds, asset managers, exchanges, and sovereign wealth funds have deployed 3forge’s platform to power hundreds of client-driven, critical business use cases. 

              Robert Cooke, Founder of 3forge, added: 

              “We are thrilled to close on an investment by Morgan Stanley, a longstanding partner who truly understands the value and performance of 3forge technology. This is an exciting milestone as we continually expand our capabilities to help enhance client workflows and productivity.” 

              The funds will be used to accelerate 3forge’s global go-to-market strategy and expand its development community. 

              About 3forge 

              3forge is the full-stack, high-impact code platform with 100% flexibility and scalability even for the most complex data sets. Trusted by half of all tier-one banks and many buy-side firms, 3forge specializes in real-time data integration, virtualization, and visualization to deliver unmatched performance, scalability, and security. 

              They offer a powerful suite of tools including an in-memory database, event processor, and a robust data virtualization layer, all designed to facilitate the creation of custom applications with minimal coding. 

              For more information, visit https://3forge.com 

              Mesirow Acquires Price Wealth Management

              By
              Press Release
              -
              Brian Price, Mesirow Financial

              Mesirow acquires Florida-based RIA, further expanding firm’s robust wealth management offering 

              • Mesirow acquires Price Wealth Management, an RIA firm based in Stuart, Florida. 
              • Craig Price, CFP®, CTFA becomes a Mesirow Wealth Advisor, establishing a local Mesirow Wealth Management presence for high net worth individuals and families in Southeast Florida. 
              • Transaction continues momentum of growing presence and headcount in Florida and regional Southeast, with initial focus on Wealth Management and Capital Markets.

              CHICAGO, September 3, 2024 – Mesirow, an independent, employee-owned financial services firm, today announced the acquisition of Price Wealth Management, an established RIA firm based in Stuart, Florida. This transaction builds upon Mesirow’s significant existing footprint in the area, which also includes offices in Miami and Boca Raton. Price Wealth Management was represented by DeVoe & Company, a leading consulting firm and investment bank to RIAs.

              “This transaction aligns with our focus on serving a growing base of wealth management clients, advancing the firm’s footprint in Florida and the regional Southeast, and combining ongoing organic growth with strategic acquisitions in the wealth space,” said Brian Price, CEO of Mesirow Wealth Management.

              With the addition of Craig Price, CFP®, CTFA, and Nancy Zehr, CTFA, Senior Client Relationship Specialist, Mesirow clients and prospects in Southeast Florida gain proximity to an experienced Wealth Advisor with firsthand understanding of planning considerations specific to the Florida region and focus on comprehensive financial planning. Price and his team will gain access to a broader range of investment research resources and the ability to grow their practice backed by Mesirow’s strong resources and reputation.

              “We are excited to join Mesirow Wealth Management and know that our business philosophy and personal values are well aligned with the company’s culture,” said Craig Price. “We look forward to deepening Mesirow’s Wealth Management presence in Florida and continuing to advise the families we have long served.”  

              Over the next 2-3 years, the firm plans to grow its headcount, with an initial focus on Wealth Management and Capital Markets, including corporate and governmental clients, while also expanding its presence along the west coast of Florida. Over the intermediate to longer-term, the goal is to grow across the greater Southeast region, opening offices in locations to best serve clients and expand organically and through opportunistic, complementary lift-ins and bolt-on acquisitions.

              Mesirow Wealth Management has more than $11.4 billion in assets under management / assets under advisement1, and Mesirow overall has $288.1 billion in assets under supervision.2

              About Mesirow 
              Mesirow is an independent, employee-owned financial services firm founded in 1937. Headquartered in Chicago, with locations around the world, we serve clients through a personal, custom approach to reaching financial goals and acting as a force for social good. With capabilities spanning Global Investment Management, Capital Markets & Investment Banking, and Advisory Services, we invest in what matters: our clients, our communities and our culture. To learn more, visit mesirow.com, follow us on LinkedIn and subscribe to Spark, our quarterly newsletter.

              Mesirow has been named one of the Best Places to Work in Chicago by Crain’s Chicago Businessmultiple times and is one of Barron’s Top 100 RIA firms.

              As of 6.30.2024 unless otherwise noted. | 1. Assets under management is as of 6.30.2024 and Assets under advisement are as of 12.31.2023. Some AUA data is on a 45- to 90- day lag due to confirming away assets. |  2. “Assets under supervision” includes regulatory assets under management; assets under advisement; and non-securities currency assets under management. For these purposes: (1) regulatory assets under management (“RAUM”) is calculated in accordance with Instruction 5A of Form ADV and includes all assets of securities portfolios (both discretionary and non-discretionary). (2) Some assets under advisement (“AUA”) are on a 45-to-90-day lag due to time needed to confirm away assets. (3) Currency assets under management includes AUM associated with (i) active and passive currency risk management products $166.71 billion, (ii) non-fx overlay strategies such as equitization and beta overlays $602.60 million, and (iii) alpha strategies $1.78 billion. In all such cases, AUM is calculated based on notional value of currency investments. Additionally, AUM for alpha strategies is adjusted because clients can select a volatility target (generally between 2% and 12% annualized), which is normalized to 2% in order to create a consistent depiction of alpha strategy AUM. This results in a “scaled” AUM, which is higher than the actual aggregate notional value of all alpha strategy portfolios if clients have selected a volatility target higher than 2%. As of 6.30.2024, the “unscaled” AUM for alpha strategies was $434.68 million.  

              Award recognition disclosures: https://www.mesirow.com/award-recognition-disclosures

              1...171819...2,131Page 18 of 2,131

              MOST READ

              ✕

              SUBSCRIBE FOR TRADERS MAGAZINE EMAIL UPDATES

              [activecampaign form=12]