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Alternative Market Briefing

I.A. Englander develops managed accounts and prime services for emerging managers

Tuesday, April 16, 2013

Bailey McCann, Opalesque New York:

In 2010, I.A. Englander launched its managed accounts and prime services along side its electronic trading platform. The electronic trading platform spun out of Englander last summer, as planned, leaving the firm with the plumbing of a prime services division. Now, that division is providing new and critical infrastructure to the emerging managers that work with Englander.

"We have comingled a prime services offering with a managed accounts offering," explains Brett Langbert, managing director, I.A. Englander, in an interview with Opalesque.

The solution keeps costs down by working through a brokerage model, compared to other solutions providers in the industry which keep managed accounts separate. According to Brett Yarkon, head of risk management at Englander, the offering came after firm principals looked at the book of business using these services since 2010, and noting that many of the business decisions were centered around managed accounts.

"There was a switch of power pre-2008, when investors opened managed accounts wherever the hedge fund manager had their prime services. Now, after 2008, investors are dictating to managers where the accounts should be opened, and executed, and those mandates were going outside of the Englander infrastructure, creating a business dilemma for the manager. It requires a significant capital infrastructure to run a diverse set of managed accounts like that," he says.

"It was also......................

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