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As one of the world’s largest fund managers, JPMorgan Asset Management’s trading operations increasingly resemble those of an agency broker. Daemon Bear, Head of Equity Trading, and Kristian West, Head of Trading Strategy, who recently joined from Barclays Capital, explain the tools and processes employed by the firm in pursuit of best execution.

Morgan’s Mission

“Communication with portfolio managers is constant and will take place on a trade by trade basis.”

How would you describe the structure and responsibilities of JPMorgan Asset Management’s equity trading desk in London?

Bear: We support a wide range of fund products that vary according to investment style (e.g. quant-driven or optimised), client (retail and institutional) and geography. We have to be multi-faceted in our approach to trading because we’re servicing many clients on a daily basis.

Kristian and I are responsible for the equity trading team, including equity derivatives, which are separate from the fixed income and foreign exchange desks. In London, our team of 17 traders have trading responsibilities split by geography and speciality, e.g. single stock, list, portfolio, including a dedicated liquidity desk. The London desk trades from 7am in the morning until 9pm or 10pm at night, but we also trade from desks in New York, Tokyo, Hong Kong and Taiwan. We’re constantly reviewing this structure and the opportunities for creating centres of excellence. ...

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