GLOBAL TRADING | ||
| Top investment managers and brokerages 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 | Delaware Investments (35) | 28.6 |
| 2 | Baillie Gifford & Co. (38) | 20.1 |
| 3 | Oechsle International Advisors (25) | 18.9 |
| 4 | Goldman Sachs Asset Mgmt (31) | 18.2 |
| 5 | Capital Guardian Trust Co. (42) | 16.8 |
| 6 | AllianceBernstein (45) | 15.4 |
| 7 | Mondrian Investment Partners (33) | 15 |
| 8 | First Quadrant (20) | 14.4 |
| 9 | Genesis Investment Mgmt (20) | 14 |
| 10 | New Star Institutional Managers (36) | 13.9 |
| 11 | GMO (23) | 13.5 |
| 12 | Acadian Asset Mgmt (35) | 13.4 |
| 13 | Fidelity Mgmt & Research Co. (29) | 13.3 |
| 14 | BlackRock Investment Mgmt (32) | 12.4 |
| 15 | Brandes Investment Partners (28) | 11.5 |
| Rank 1 | Brokerage firm 3 (No. of countries firm traded in) | Difference vs. E/M universe (basis points) |
| 1 | Dresdner Kleinwort (29) | 21.1 |
| 2 | RBC Capital Markets (6) | 20.6 |
| 3 | Sanford C. Bernstein (28) | 17.1 |
| 4 | Execution Ltd. (32) | 17 |
| 5 | Liquidnet (28) | 16.4 |
| 6 | Crédit Agricole Cheuvreux (25) | 15.5 |
| 7 | Investment Technology Group (29) | 14.6 |
| 8 | BNP Paribas (29) | 14.5 |
| 9 | Macquarie Securities (21) | 12.2 |
| 10 | Daiwa Securities Group (7) | 11.9 |
| 11 | Credit Suisse (45) | 11.8 |
| 12 | Nomura Securities Co. (32) | 11.6 |
| 13 | Goldman, Sachs & Co. (43) | 11.5 |
| 14 | Brockhouse & Cooper (38) | 11.1 |
| 15 | UBS Securities (46) | 9.9 |
| | | |
| Top brokerage firms benchmarked against arrival price | ||
| Rank 1 | Brokerage firm 4 | Difference vs. E/M universe (basis points) |
| 1 | Goldman, Sachs & Co. | 28.4 |
| 2 | BNP Paribas | 23.4 |
| 3 | Sanford C. Bernstein | 23 |
| 4 | UBS Securities | 17.9 |
| 5 | Nomura Securities Co. | 17.3 |
| 6 | Liquidnet | 14.8 |
| 7 | Execution Ltd. | 11.1 |
| 8 | Cazenove Group | 10 |
| 9 | Credit Suisse | 9.3 |
| 10 | Cantor Fitzgerald | 7.5 |
| | | |
| 1 Rank is for 12 months ended June 30. | ||
| 2 Includes managers with greater than $2 billion in principal traded. | ||
| 3 Includes brokerages with greater than $2 billion in principal traded. | ||
| 4 Includes brokerages with greater than $1 billion in principal traded. | ||
| Source: Elkins/McSherry. | ||
To view the 2008 rankings of the top trading firms, click on the charts below:
New York Stock Exchange Trading Leaders
The Costs of Executing Trades in 47 Countries
