See related article, Elkins/McSherry - Global Transaction Costs Decline Despite High Frequency Trading.
| Top investment managers, benchmarked against volume-weighted average price | ||
| Rank 1 | Investment manager 2 (No. of countries firm traded in) | Difference vs. E/M universe (basis points) |
| 1 | Capital Guardian Trust Co. (35) | –16.43 |
| 2 | Arrowstreet Capital (37) | –14.79 |
| 3 | Goldman Sachs Asset Mgmt (34) | -13.74 |
| 4 | Pzena Investment Mgmt (17) | –13.28 |
| 5 | ING Investment Mgmt (37) | –11.95 |
| 6 | AllianceBernstein (35) | –11.42 |
| 7 | GMO (32) | –10.52 |
| 8 | Acadian Asset Mgmt (34) | –9.83 |
| 9 | Batterymarch Financial Mgmt (37) | –9.12 |
| 10 | Baillie Gifford & Co. (32) | –8.77 |
| 11 | Loomis, Sayles & Co. (20) | –6.79 |
| 12 | Franklin Templeton Investments (35) | –6.67 |
| 13 | Pyramis Global Advisors (22) | –4.94 |
| 14 | Barclays Global Investors3 (23) | –4.43 |
| 15 | State Street Global Advisors (24) | –3.42 |
2 Includes managers with greater than $2 billion in principal traded.
3 BlackRock acquired Barclays Global Investors in December 2009.
Source: Elkins/McSherry.
| Top brokerage firms, benchmarked against volume-weighted average price | ||
| Rank 1 | Brokerage Firm 3 (No. of countries firm traded in) | Difference vs. E/M universe (basis points) |
| 1 | Bloomberg Tradebook (34) | –26.44 |
| 2 | Liquidnet (30) | –23.01 |
| 3 | Investment Technology Group (37) | –19.44 |
| 4 | Goldman, Sachs & Co. (41) | –17.82 |
| 5 | Credit Suisse (41) | –17.76 |
| 6 | UBS (42) | –17.56 |
| 7 | Citigroup (41) | –17.06 |
| 8 | Société Générale (32) | –17.01 |
| 9 | Brockhouse & Cooper (39) | –16.85 |
| 10 | Nomura Securities International (39) | –16.77 |
| 11 | Jefferies & Co. (23) | –16.16 |
| 12 | J.P. Morgan (34) | –15.93 |
| 13 | Barclays Capital (32) | –14.52 |
| 14 | Macquarie Group (29) | –14.50 |
| 15 | Morgan Stanley (44) | –14.05 |
2 Includes brokers with greater than $10 billion in principal traded.
Source: Elkins/McSherry.
| Top - firms, benchmarked against arrival price | ||
| Rank 1 | Brokerage Firm 4 (No. of countries firm traded in) | Difference vs. E/M universe (basis points) |
| 1 | Bloomberg Tradebook (34) | –40.69 |
| 2 | Sanford C. Bernstein (33) | –29.80 |
| 3 | Brockhouse & Cooper (39) | –27.23 |
| 4 | BTIG (12) | –26.57 |
| 5 | Cantor Fitzgerald (19) | –20.71 |
| 6 | Société Générale (32) | –16.95 |
| 7 | Execution (18) | –10.15 |
| 8 | Investment Technology Group (37) | –7.46 |
| 9 | Conifer Securities (16) | –7.30 |
| 10 | Citigroup (41) | –5.11 |
| 11 | J.P. Morgan (34) | –4.89 |
| 12 | Cowen and Co. (25) | –4.73 |
| 13 | Liquidnet (30) | –4.60 |
| 14 | Goldman, Sachs & Co. (41) | –4.48 |
| 15 | Deutsche Bank (41) | –3.45 |
2 Includes brokers with greater than $5 billion in principal traded.
Source: Elkins/McSherry.
See related article, Elkins/McSherry - Global Transaction Costs Decline Despite High Frequency Trading.
