Plato Partnership has announced the participation of AXA Investment Managers, Union Investment, J.P. Morgan Asset Management and Fidelity Worldwide Investment in the development of its not-for-profit proposal. They join other major organisations already part of the consortium including Deutsche Asset & Wealth Management, Norges Bank Investment Management, UBS, Barclays, Citi, Deutsche Bank, Goldman Sachs, J.P. Morgan and Morgan Stanley.
Paul Squires, head of Trading at AXA Investment Managers commented: "Having the opportunity to get involved with Plato Partnership at such an early stage is very exciting for us. The prospect of guiding the sell side towards the launch of a not-for-profit project such as this is unique - I don't believe that the buy and sell side have ever worked together in this way before, and we are proud to be a part of that."
Christoph Hock, head of Trading at Union Investment commented: "Plato's vision of a Market Structure Innovation Centre that sponsors academic research working alongside a trading utility to deliver on the resultant insight is thrilling for us and ultimately beneficial for our clients. We believe that supporting such a positive initiative is part of the stewardship obligation that we hold on behalf of our clients."
Kristian West, Global head of Equity Trading at JP Morgan Asset Management commented: "Plato Partnership has a compelling proposition and I am looking forward to helping them refine the market model. Their intention is to offer lower frictional costs for our funds, which would support our core objective of best execution and improved returns for our clients."
Mark Northwood, global head of Equity Trading at Fidelity Worldwide Investment commented: "As an active manager, high quality and low cost trade execution is a top priority for us to deliver to our clients. That's why we support Plato and are keen for it to succeed."
Stephen McGoldrick, project director for Plato Partnership, commented: "We are delighted to announce the participation of these firms in developing the Plato Partnership proposition. Our vision is growing rapidly and we are designed to allow uncompromised focus on improving market quality and removing frictional costs. We look forward to widening our membership and setting a new benchmark in execution quality, trust and transparency."
Plato Partnership is a consortium of asset managers and broker dealers, which are collaborating to create a not-for-profit trading utility and a Market Structure Innovation Centre in Europe. Plato Partnership will use revenue generated via its trading utility to commission academic research through its Market Structure Innovation Centre. This research will identify ever better ways of executing trades, as well as lowering the cost and improving quality of the broad range of processes and data required to support the execution lifecycle. Plato Partnership's trading utility will mutualise the governance of equity execution across participants.
Plato Partnership has also announced the launch of its new website, which can be viewed at www.platopartnership.com. The website features key insights into the values and aims of the initiative, and will be updated on a regular basis as Plato Partnership develops towards its launch in early 2016.