April 17, 2012

Agency broker Bloomberg Tradebook said it teamed up with financial technology provider UAT to offer a software platform and adjustable algorithm called Boomerang, which is built to deliver commission savings to asset owners and improve trader productivity for money managers.

In addition to boosting trader productivity, Boomerang also enables institutional traders to handle the commission recapture business which is part of the multi-trillion dollar, sub-advised and externally managed industry, Bloomberg Tradebook said in a statement.

Asset owners - including pension plans, insurance funds and mutual funds - may outsource the management of their investment portfolios to outside money managers to use their expertise, performance, risk profile or brand name, the company added. But they also have the right to recoup part of the brokerage commissions incurred by the fund’s money managers to reduce trading costs for their ultimate share owners.

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Ivy is Editor-at-Large for Advanced Trading and Wall Street & Technology. Ivy is responsible for writing in-depth feature articles, daily blogs and news articles with a focus on automated trading in ...