PGM Global achieves high ranking in annual survey of broker transaction costs
MONTREAL, January 20, 2014 – PGM Global jumped in its rankings among agency-only brokers trading global equities and U.S. equities in the latest Elkins/McSherry analysis of transaction costs.
For global equities trading, Pavilion moved from sixth to third place using arrival price as the benchmark, and from sixth to fourth place using VWAP (volume weighted average price). The analysis found Pavilion’s transaction costs on the former were close to 25 basis points lower than the universe of brokers. For U.S. equities trading, Pavilion ranked seventh using both arrival price and interval VWAP as the benchmarks.
For the full Pavilion results, click here.
“In this hyper-competitive market where margins are tight and clients are looking for efficiency, this ranking is a strong testament to our abilities to provide best price and best execution,” said Patrick Belland, President and Managing Director of PGM Global. He noted, however, that keeping implementation costs low is only one side of the equation. “We are also focused on providing innovative products such as our global macro strategy research, and delivering outstanding client service.”
Jamieson Ritchie, Pavilion’s Director of Global Markets Trading, said the results build on those from the previous four years when Pavilion has been a consistent, top-10 performer among agency-only brokers. “We’ve been working with some of our clients for many years. Having consistent, positive results from these annual reviews provides our clients with a sense of confidence and reliability. They know they’re getting good value by working with us.”
Similarly, the latest Elkins/McSherry results will also appeal to clients who come to Pavilion to transition their portfolios. “A critical feature of any successful transition is how the trading is executed,” said Mario Choueiri, Head of Transition Management. “We add value to our transition clients by providing best execution equity trading and leverage these strong trading capabilities to deliver very good results for clients. This ranking among the elite trading firms in the world is an affirmation of our efforts to deliver best execution in transition management.”
The 2013 analysis, published in Institutional Investor magazine, looks at trading data covering millions of transactions from approximately 2,000 brokers worldwide. Elkins/McSherry calculates the cost differential of each broker (agency-only, full service or bulge bracket) against the total universe.
PGM Global offers securities trading, global macro research and transition management services to institutional investors. With roots going back more than 40 years, Pavilion brings industry-recognized capabilities to the table including specialized global macro research and analysis, a top-ranked global trading desk and state-of-the-art technology to help institutional clients worldwide excel in the capital markets. PGM Global, Member of CIPF and SIPC, is a subsidiary of Pavilion Financial Corporation, an employee-owned, diversified global investment services firm that provides leading investment expertise and implementation support to help institutional clients and other investors preserve and enhance their assets.