Schonfeld Group, a stock trading firm, has formed a partnership with Trinix Securities to offer hedge funds an execution-only service.
Schonfeld has established itself as a major investor in more than 70 hedge funds, and believes it is therefore well-positioned to understand the hedge fund community’s needs.
Schonfeld’s new Institutional Brokerage Services (IBS) aims to provide trade execution at lower costs for institutions, focusing purely on best execution.
Andrew Fishman, President of Schonfeld Group, says the joint venture with Trinix offers hedge funds a “non-conflicted” agency desk focused solely on ensuring best execution. “Trinix’s success has been built on two distinct skill sets; proprietary software that allows institutions direct access and the sophistication and service capabilities of the professionals at the company’s execution desk in putting in place trading strategies that provide institutions true competitive advantage,” he says. “We believe that this combination of technology and service well positions Schonfeld Group and Trinix to serve this community. As Schonfeld Group continues to grow its presence within the hedge fund community – serving as everything from investor to a provider of trading and clearing services – we see significant opportunity in the joint-venture with Trinix being of great service to this group.”
Schonfeld IBS operates as a division of Schonfeld Securities, LLC, which provides execution services to institutional customers (including hedge funds) on an agency basis. It offers them access to an Agency Trade Desk; a Program/Quantitative Trade Desk; Clearing, DVP and Prime Brokerage alternatives through Schonfeld Securities LLC; Block Trading solutions for equities models through proprietary systems; Direct Access technology over a secure Internet connection or via T-1; and soft-dollar services.