Four More Asset Managers Join Plato Partnership
AXA Investment Managers, Union Investment, JPMorgan Asset Management and Fidelity Worldwide Investment Sign Up.
AXA Investment Managers, Union Investment, JPMorgan Asset Management and Fidelity Worldwide Investment are the latest additions to the Plato Partnership, the consortium of asset managers and broker dealers behind a new not-for-profit trading platform proposal launched in December.
The four firms join other organizations from both the buy and sell side, including UBS, Barclays, Goldman Sachs, Citi and Deutsche Bank. The trading platform is aimed at lowering trading costs, improving data quality and improving trade execution.
Revenues that are generated through the trading utility will be used to commission research through the partnership's Market Structure Innovation Center.
"Plato Partnership has a compelling proposition and I am looking forward to helping them refine the market model," says Kristian West, global head of equity trading at JPMorgan Asset Management. "The intention is to offer lower frictional costs for our funds, which would support our core objective of best execution and improved returns for our clients."
"Our vision is growing rapidly and we are designed to allow uncompromised focus on improving market quality and removing frictional costs," says Stephen McGoldrick, project director for Plato Partnership. "We look forward to widening our membership and setting a new benchmark in execution quality, trust and transparency."
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