Trading Systems/Software at RIAs with multiple PMs
Hi all,
I work for a RIA in the US. I am interested to hear about the systems that are used for trading.
What I am talking about here is **not ** your strategy. I am talking about the process of generating a trade and having it executed. At my firm I am trying to find ways to improve the process as currently it ranges from writing a trade for a client account on a post-it through to a PM emailing a trade. We have 20+ custodians.
I would like to know through what software is the trade generated, how is it sent to the trader, how does the trader let the PM know it has been filled?
I have done my best to search the web but all the results are all these retail trader systems and platforms.
If you can drop the name of software used too that would be great.
Cheers
Hi RexPM -
We have a proprietary system built on an IBM platform developed internally through our own programmer, which adds amazing flexibility. Essentially (and simplified), we input in our system the stock and the weight in the portfolio, the system tells us how many shares should be allocated to each account based off of each individual account's size and equity exposure, we allocate said amount to the clients and once we have a total share count we execute the trades on the Bloomberg Terminal. Finally, Bloomberg sends the confirms to our custodian who works hand-in-hand with our data processing team to ensure allocations are submitted accordingly. All of the PMs are licensed to execute their own trades. Sometimes we do block trades, sometimes individual trades. Hope this helps!
mate this is awesome. thank you very much!
We used to use Tamarac and really liked it. Envestnet has bought it a few years back so I’m sure it has only gotten better.
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