Alpha - September 2007 - (Page 79) Research: Top Trading Firms Personal By Scott Martin In a world where trading is increasingly electronic, hedge funds are looking for human contact and expertise more than ever — as shown in our inaugural ranking of the world’s top equity trading firms. avid Williams was not surprised when equity markets got ugly this summer. “Quite frankly, the past three years have been a bit dull,” says the head of Stamford, Connecticut–based Williams Trading, an outsource trading desk that caters to some of the hedge fund industry’s top equity managers. “Now things are starting to get interesting again.” In highly volatile, irrational markets, hedge fund managers appreciate the human interaction and intelligence provided by old-fashioned traders like Williams, who was head of U.S. equity trading at hedge fund firm Tiger Management Co. before setting up his own shop a decade ago. During August, which is generally a quiet month, Williams Trading’s 13-person U.S. trading desk was busy fielding calls from Touch clients seeking real-time insights and advice. As a big seller was scrambling to exit a position over liquidity concerns and rumors began circulating that a large hedge fund was shutting down, Williams himself relayed his bird’s-eye view of the market’s reaction to hedge fund traders anxious to make sense of the tumult — extreme conditions that caught many younger traders off guard. “The times when investors panic are our opportunities to shine,” says Williams, who expects that market volatility will continue through the fall. “The hairier and scarier the markets, the more useful we can be.” Traders were not the only ones thrown by the market’s sudden climate change. Computer algorithms, which many hedge fund managers have come to rely on to conceal their SEPTEMBER 2007 • INSTITUTIONAL INVESTOR’S ALPHA • 79 D
Table of Contents Feed for the Digital Edition of Alpha - September 2007 Contents Letter from the Editor Longs & Shorts Pension Corner: Keeping the Faith The Good Guys: Going Public Interview: Barry Bausano - A Delicate Balance Cover Story: Cruel, Cruel Summer Profile: Phil Cooper - Alternative Flight Plan Strategies: Marshall Wace - TOPS in Its Field Profile: Fortis Investments - Banking on Alternatives Research Center: Top Equity Trading Firms Alpha Bytes: Desktop Duel Unhedged: Commentary - The Taxman Cometh Alpha - September 2007 Alpha - September 2007 - (Page Cover1) Alpha - September 2007 - (Page Cover2) Alpha - September 2007 - Contents (Page 1) Alpha - September 2007 - Contents (Page 2) Alpha - September 2007 - Letter from the Editor (Page 3) Alpha - September 2007 - Letter from the Editor (Page 4) Alpha - September 2007 - Longs & Shorts (Page 5) Alpha - September 2007 - Longs & Shorts (Page 6) Alpha - September 2007 - Longs & Shorts (Page 7) Alpha - September 2007 - Longs & Shorts (Page 8) Alpha - September 2007 - Longs & Shorts (Page 9) Alpha - September 2007 - Longs & Shorts (Page 10) Alpha - September 2007 - Longs & Shorts (Page 11) Alpha - September 2007 - Longs & Shorts (Page 12) Alpha - September 2007 - Longs & Shorts (Page 13) Alpha - September 2007 - Longs & Shorts (Page 14) Alpha - September 2007 - Longs & Shorts (Page 15) Alpha - September 2007 - Longs & Shorts (Page 16) Alpha - September 2007 - Longs & Shorts (Page 17) Alpha - September 2007 - Pension Corner: Keeping the Faith (Page 18) Alpha - September 2007 - Pension Corner: Keeping the Faith (Page 19) Alpha - September 2007 - Pension Corner: Keeping the Faith (Page 20) Alpha - September 2007 - Pension Corner: Keeping the Faith (Page 21) Alpha - September 2007 - The Good Guys: Going Public (Page 22) Alpha - September 2007 - The Good Guys: Going Public (Page 23) Alpha - September 2007 - Interview: Barry Bausano - A Delicate Balance (Page 24) Alpha - September 2007 - Interview: Barry Bausano - A Delicate Balance (Page 25) Alpha - September 2007 - Interview: Barry Bausano - A Delicate Balance (Page 26) Alpha - September 2007 - Interview: Barry Bausano - A Delicate Balance (Page 27) Alpha - September 2007 - Interview: Barry Bausano - A Delicate Balance (Page 28) Alpha - September 2007 - Interview: Barry Bausano - A Delicate Balance (Page 29) Alpha - September 2007 - Interview: Barry Bausano - A Delicate Balance (Page 30) Alpha - September 2007 - Interview: Barry Bausano - A Delicate Balance (Page 31) Alpha - September 2007 - Cover Story: Cruel, Cruel Summer (Page 32) Alpha - September 2007 - Cover Story: Cruel, Cruel Summer (Page 33) Alpha - September 2007 - Cover Story: Cruel, Cruel Summer (Page 34) Alpha - September 2007 - Cover Story: Cruel, Cruel Summer (Page 35) Alpha - September 2007 - Cover Story: Cruel, Cruel Summer (Page 36) Alpha - September 2007 - Cover Story: Cruel, Cruel Summer (Page 37) Alpha - September 2007 - Cover Story: Cruel, Cruel Summer (Page 38) Alpha - September 2007 - Cover Story: Cruel, Cruel Summer (Page 39) Alpha - September 2007 - Cover Story: Cruel, Cruel Summer (Page 40) Alpha - September 2007 - Cover Story: Cruel, Cruel Summer (Page 41) Alpha - September 2007 - Cover Story: Cruel, Cruel Summer (Page 42) Alpha - September 2007 - Cover Story: Cruel, Cruel Summer (Page 43) Alpha - September 2007 - Cover Story: Cruel, Cruel Summer (Page 44) Alpha - September 2007 - Cover Story: Cruel, Cruel Summer (Page 45) Alpha - September 2007 - Cover Story: Cruel, Cruel Summer (Page 46) Alpha - September 2007 - Cover Story: Cruel, Cruel Summer (Page 47) Alpha - September 2007 - Cover Story: Cruel, Cruel Summer (Page 48) Alpha - September 2007 - Cover Story: Cruel, Cruel Summer (Page 49) Alpha - September 2007 - Profile: Phil Cooper - Alternative Flight Plan (Page 50) Alpha - September 2007 - Profile: Phil Cooper - Alternative Flight Plan (Page 51) Alpha - September 2007 - Profile: Phil Cooper - Alternative Flight Plan (Page 52) Alpha - September 2007 - Profile: Phil Cooper - Alternative Flight Plan (Page 53) Alpha - September 2007 - Profile: Phil Cooper - Alternative Flight Plan (Page 54) Alpha - September 2007 - Profile: Phil Cooper - Alternative Flight Plan (Page 55) Alpha - September 2007 - Strategies: Marshall Wace - TOPS in Its Field (Page 56) Alpha - September 2007 - Strategies: Marshall Wace - TOPS in Its Field (Page 57) Alpha - September 2007 - Strategies: Marshall Wace - TOPS in Its Field (Page 58) Alpha - September 2007 - Strategies: Marshall Wace - TOPS in Its Field (Page 59) Alpha - September 2007 - Strategies: Marshall Wace - TOPS in Its Field (Page 60) Alpha - September 2007 - Strategies: Marshall Wace - TOPS in Its Field (Page 61) Alpha - September 2007 - Strategies: Marshall Wace - TOPS in Its Field (Page 62) Alpha - September 2007 - Strategies: Marshall Wace - TOPS in Its Field (Page 63) Alpha - September 2007 - Strategies: Marshall Wace - TOPS in Its Field (Page 64) Alpha - September 2007 - Strategies: Marshall Wace - TOPS in Its Field (Page 65) Alpha - September 2007 - Strategies: Marshall Wace - TOPS in Its Field (Page 66) Alpha - September 2007 - Strategies: Marshall Wace - TOPS in Its Field (Page 67) Alpha - September 2007 - Strategies: Marshall Wace - TOPS in Its Field (Page 68) Alpha - September 2007 - Strategies: Marshall Wace - TOPS in Its Field (Page 69) Alpha - September 2007 - Profile: Fortis Investments - Banking on Alternatives (Page 70) Alpha - September 2007 - Profile: Fortis Investments - Banking on Alternatives (Page 71) Alpha - September 2007 - Profile: Fortis Investments - Banking on Alternatives (Page 72) Alpha - September 2007 - Profile: Fortis Investments - Banking on Alternatives (Page 73) Alpha - September 2007 - Profile: Fortis Investments - Banking on Alternatives (Page 74) Alpha - September 2007 - Profile: Fortis Investments - Banking on Alternatives (Page 75) Alpha - September 2007 - Profile: Fortis Investments - Banking on Alternatives (Page 76) Alpha - September 2007 - Profile: Fortis Investments - Banking on Alternatives (Page 77) Alpha - September 2007 - Research Center: Top Equity Trading Firms (Page 78) Alpha - September 2007 - Research Center: Top Equity Trading Firms (Page 79) Alpha - September 2007 - Research Center: Top Equity Trading Firms (Page 80) Alpha - September 2007 - Research Center: Top Equity Trading Firms (Page 81) Alpha - September 2007 - Research Center: Top Equity Trading Firms (Page 82) Alpha - September 2007 - Research Center: Top Equity Trading Firms (Page 83) Alpha - September 2007 - Research Center: Top Equity Trading Firms (Page 84) Alpha - September 2007 - Alpha Bytes: Desktop Duel (Page 85) Alpha - September 2007 - Alpha Bytes: Desktop Duel (Page 86) Alpha - September 2007 - Alpha Bytes: Desktop Duel (Page 87) Alpha - September 2007 - Unhedged: Commentary - The Taxman Cometh (Page 88) Alpha - September 2007 - Unhedged: Commentary - The Taxman Cometh (Page Cover3) Alpha - September 2007 - Unhedged: Commentary - The Taxman Cometh (Page Cover4)
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