Thursday, August 9, 2018 Stamford, CT USA — Fixed-income dealers that invested in their businesses over the past year are positioning themselves to capitalize on an anticipated pickup in market volatility and investor activity.
Based on Q2 earnings, a number of firms are starting to see fixed-income trading revenues rebound after several challenging quarters. Those dealers that have maintained a strong commitment to a client-centric franchise are well-positioned to compete fiercely for the business of the market’s largest institutional investors.
2018 Greenwich Share Leaders in U.S. Fixed Income
At the top of the market are Goldman Sachs and Citi, which are tied in terms of market share, followed by J.P. Morgan, and Bank of America Merrill Lynch and Morgan Stanley tied for fourth. These firms are the 2018 Greenwich Share Leaders in Overall U.S. Fixed Income. Goldman Sachs and Citi are tied atop the list of 2018 Greenwich Share Leaders in U.S. Fixed-Income Rates, and J.P. Morgan and Goldman Sachs are tied as leaders in U.S. Fixed-Income Credit.
2018 Greenwich Quality Leaders in U.S. Fixed Income
The 2018 Greenwich Quality Leader in Overall U.S. Fixed-Income Service Quality is Citi. Bank of America Merrill Lynch, Citi and J.P. Morgan share the title of 2018 Greenwich Quality Leader in Overall U.S. Fixed-Income Sales. Bank of America Merrill Lynch takes top honors in Overall U.S. Fixed-Income Trading. J.P. Morgan claims the title of Greenwich Quality Leader in Overall U.S. Fixed-Income Research.
2018 Greenwich Share Leaders in U.S. Fixed Income E-Trading
As electronic trading continues to grow in popularity, the top dealers are investing in the tools and talent they need to service clients through these online channels. Goldman Sachs, Citi, J.P. Morgan, and Bank of America Merrill Lynch lead in Overall U.S. Fixed-Income E-Trading.
A New Bid on Talent
Over the past two years, many of the leading fixed-income dealers in the U.S. have focused on efficiently building out their platforms, upgrading their technology and hiring talent to prepare for the rebound in market activity widely expected to occur.
A number of senior individuals, who in recent years left the sell side for the buy side, are now moving back. In addition, the frequency of sales people, analysts and traders moving among banks is rapidly increasing. “There is a bid on talent again,” says Greenwich Associates Managing Director Andy Awad. “People are leaving hedge funds to rejoin dealer desks. There’s as much movement and turnover in jobs as we’ve seen at any point since the financial crisis.”
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