Elkins/McSherry - US Trading

Top investment managers, benchmarked against volume-weighted average price.

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 Pzena Investment Mgmt –15.29
2 Arrowstreet Capital –8.13
3 Jennison Associates –6.58
4 BlackRock –6.58
5 Leuthold Weeden Capital Mgmt –5.06
6 Numeric Investors –4.74
7 AllianceBernstein –4.38
8 Deutsche Asset Mgmt –3.77
9 Jacobs Levy Equity Mgmt –3.43
10 Hotchkis and Wiley Capital Mgmt –2.53
11 Loomis, Sayles & Co. –0.89
12 W.P. Stewart & Co. –0.63
13 Piedmont Investment Advisors –0.45
14 Manning & Napier Advisors 1.82
15 New Amsterdam Partners 3.65

1 Rank is for 12 months ended June 30.

2 Includes managers with greater than $1.5 billion in principal traded.

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 Fox River Execution Technology –13.19
2 Liquidnet (30) –12.10
3 Agency Trading Group –11.98
43 Investment Technology Group –10.60
53 Weeden & Co. –10.60
6 BTIG –8.86
7 Source Trading –8.65
8 Credit Suisse –8.21
9 Goldman, Sachs & Co. –8.15
10 Citigroup –7.26
11 Bloomberg Tradebook –6.92
12 Merlin Securities –6.49
13 Morgan Stanley –5.87
14 UBS –5.59
15 Guzman & Co. –5.48

1 Rank is for 12 months ended June 30.

2 Includes brokers with greater than $7.5 billion in principal traded.

3 Rank is based on results before rounding.

Source: Elkins/McSherry.

Top brokerage firms, benchmarked against arrival price
Rank 1

Brokerage Firm 2 (No. of countries firm traded in)

Difference vs. E/M universe

(basis points)

1 Fox River Execution Technology –33.84
2 Brockhouse & Cooper –24.45
3 Nomura Securities International –19.08
4 Deutsche Bank –14.30
5 Bloomberg Tradebook –14.20
6 Knight Capital Group –14.10
7 Agency Trading Group –14.09
8 Weeden & Co. –13.93
9 Source Trading –13.12
10 Guzman & Co. –8.73
11 Merlin Securities –8.48
12 Jefferies & Co. –2.04
13 BTIG –1.84
14 J.P. Morgan –1.15
15 Liquidnet –0.94

1 Rank is for 12 months ended June 30.

2 Includes brokers with greater than $7.5 billion in principal traded.

Source: Elkins/McSherry.

See related article, Elkins/McSherry - Global Transaction Costs Decline Despite High Frequency Trading.

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