Sell side ramps up outsourced trading to sceptical buy side

New entrants anticipate a wave of takeup among larger asset managers, but are they aiming too high?


In the autumn of 2020, right as the second wave of the pandemic was hitting, Frontier Road opened its doors (virtually) in London.

As is true of any startup, the asset manager had to decide whether to buy or build. For Martin Bercetche, the choice was simple: he is running an investment firm that focuses on the niche sector of emerging markets credit; it’s not a tech company, so why not leverage the expertise of an outsourced trading provider? That led the firm to New York-based Cowen Group.

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