Fabiana Fedeli, chief investment officer for equities, multi-asset and sustainability, M&G Investments
The unbundled research model is alive and well according to M&G Investments. But with an influx of information, the fund manager is turning to a vendor to help make sense of it all.
This week, the fund manager – which holds £315 billion in assets under management globally – announced that it would be using Bloomberg’s Research Management Solutions (RMS Enterprise) to generate and distribute research insights faster. The two companies collaborated on the service’s development.
In the unbundled model, trading and research costs are separated, with the latter paid for by the company’s own resources. Initially mandated by MiFID II, in December 2024 the Listing Act rolled back the requirement and allowed research to be rebundled effective 5 June 2026.
Fabiana Fedeli, chief investment officer for equities, multi-asset and sustainability at M&G Investments, told Global Trading, “We pay and reward our providers using our own resources. In line with MIFID II, we are not allowed to reward third party research by allocating trades. We do perform a qualitative review on our third-party providers twice a year.”
Explaining how the firm structures its third-party research, she continued: “We have a list of approved providers that we consume from and our systems track our third-party research use as well as any unsolicited research offers. We have a dedicated team managing those provider relationships.”
M&G also generates its own research internally.
“Our analysts are evaluated based on the impact of their research on the investment outcomes. Such valuation also includes considerations such as quality of output, knowledge sharing and integration of sustainability considerations,” Fedeli said.
Through RMS Enterprise, M&G’s investment team will be able to combine the firm’s proprietary research with Bloomberg’s research library and market data.
The company states that this will improve research process consistency across its global locations, in addition to improving cross-asset insights and collaboration across teams.
Fedeli observed, “For active asset managers such as M&G, in-depth proprietary research represents a foundational tool to generate new investment opportunities globally and across all asset classes.”
RMS Enterprise also includes a system administration suite that can be used to accelerate research publication, integrating into M&G’s in-house systems to provide market data and internal content templates.
Chuck Mack, senior president of North American markets, Nasdaq
Following the wave of retail interest in digital assets, but seeking to address industry concerns about weak regulation, Nasdaq has issued a proposal for tokenised securities to be traded with tight regulatory safeguards.
The document, submitted to the SEC yesterday, calls for Nasdaq’s member firms and investors to be allowed to tokenise and trade equity securities and exchange-traded products (ETPs) on Nasdaq’s markets.
Chuck Mack, senior president of North American markets, stated, “Our goal is to integrate digital assets into Nasdaq’s current infrastructure and systems, which will advance financial innovation while maintaining stability, fairness, and investor protection.”
Tokenised securities are a growing market presence, and one that has shaky regulatory oversight. Last month, the World Federation of Exchanges called for the SEC to crack down on third-party tokenised US equities, which it calls “mimicked” products.
“Even though they’re marketed as stock tokens and may seem like stocks, they are not stocks,” the group explained. These tokens are closer to derivatives, it added.
Among the group’s concerns with such products are the risk of liquidity fragmentation, with third-party tokenised equities pulling liquidity from traditional exchanges, and exploitation of gaps in regulation that haven’t caught up to the blockchain frenzy. The WFE also noted that retail investors may not have the same shareholder rights with tokensied equities that they would with their traditional counterparts, highlighting a lack of clarity around ownership.
Nandini Sukumar, WFE CEO, commented, “What we are seeing is a blatant attempt to circumvent regulation, with some firms seeking “no action” relief from regulators or deliberately operating through legal grey areas. Investor protection must remain paramount, and regulation must evolve to ensure that new technologies are not used as a mask for risk and opacity.”
In its SEC filing, Nasdaq recognised this issue. “In Europe, trading of tokenised stocks is occurring in a manner that raises numerous concerns,” it said.
“For example, we understand that some digital asset trading platforms are offering shares of US equities to European investors without the prior knowledge or consent of the issuers of those securities.”
If Nasdaq’s plans are approved, once an order is entered on the exchange, participants will be given the choice between clearing in a regular or tokenised form. In both formats, securities will be subject to the same order entry and execution rules and will share a market identification number when sent to the Depository Trust Corporation (DTC) for clearing and settlement.
Nasdaq’s Mack stressed that the exchange’s trading of tokenised securities is in line with federal SEC regulations ensuring fair and orderly trading.
“That’s a key point we make in our filing: the U.S. has existing rules that don’t preclude different types of representation of a security. If you’re trading a stock and we’re having DTC tokenise it after the trade, then nothing is different from the perspective of how the market functions, how you trade, how you get your best execution, or how you buy or sell on your trading platform,” he said.
“Past market failures teach us that it is imperative to ensure governance, resilience, and investor protection are embedded from the outset.”
Institutional asset owners are sitting on vast troves of data – but extracting value from that data is more challenging than ever.
In addition to the traditional asset classes of equities and fixed income, many pension funds, sovereign wealth funds, and endowments are moving into less liquid and transparent markets such as private assets, and they may also need to manage under an environmental, social and governance (ESG) framework, both of which have their own unique data considerations.
Elaine Tan, BNP Paribas.
“It’s very important for asset owners to improve their ability to manage a vast variety of datasets in a timely and cost-effective manner, in order to make better investment decisions,” said Elaine Tan, Head of Asset Owners & Asset Managers Client Lines for Asia Pacific, Securities Services, at BNP Paribas. “This is not a simple task.”
Tan also highlighted some of the key aspects to asset owners’ data challenge: the lack of standardisation and uniformity to the data; fragmentation of data source across platforms, systems, service providers, and locations; and the increasingly complex and dynamic regulations across markets and geographies.
The implication of getting data right goes beyond investment decisions. “Inaccurate or incomplete data will limit asset owners’ ability to manage various risks, such as climate related risk, cybersecurity risk, market volatility and so on,” Tan said. “Comprehensive and timely data is needed to identify, assess, and mitigate these risks effectively.”
More rigour needed While market participants have been testing various data-driven solutions to improve operational efficiency, the overall industry agrees that a more rigorous approach in using data is needed in order to generate new ideas.
“In the past, asset owners focused only on collecting basic financial data for performance measurement or regulatory compliance,” Tan said. “This historical data was often presented in a static format. This is no longer sufficient, and client need real-time and flexible data to support decision making and risk management.”
Asset owners are increasingly focusing on leveraging technology, not only for meeting reporting requirements, but also improving overall operations and data quality. “Leading institutions have invested in modernising and future-proofing their IT foundation, upgrading core investment platforms, and deploying AI tools to improve data processes,” according to a McKinsey report, published in January 2025. “They have also made data a strategic asset instead of being merely a by-product of operations.”
The McKinsey report suggested that institutional investors’ effective deployment of technology and AI could generate a return on investment (ROI) of more than tenfold across three domains: investment returns, operational efficiency, and risk management.
Data quality Tan noted asset owners are deploying artificial intelligence and other advanced technologies to extract more value from data and also using data management platforms to automate complex workflows, enhance data accuracy, and improve operational efficiency. “Advanced technology can identify inconsistencies and discrepancies in the data, and it can apply predefined rules to clean, standardise, and improve the quality of the data,” she said.
Facing a complex geo-political environment, Asset Owners are contemplating how technology and service providers can support them in defining a comprehensive, total portfolio approach across all asset classes, this presents a great opportunity for technology and service providers to raise the bar on data suites with customised, flexible solutions. For example, UniSuper, one of Australia’s largest superannuation funds, recently partnered with BNP Paribas’ Securities Services business to leverage Data PRISM360 solution, powered by NeoXam technology, to implement some data management uses cases.
“Data PRISM360 is a centralised platform that will help UniSuper tackle key investment data challenges,” Tan said. “It streamlines data management processes, with strong data quality and data enrichment processes to provide a unified view across multiple assets and across the investment structure, which helps the asset owner manage their investment data more effectively. The solution targets to enhances reporting capabilities and offer advanced analytics, including financial metrics and ESG factors,”
Regarding ESG, BNP Paribas’s 2025 Survey suggested that 79 percent of APAC institutional investors are integrating ESG criteria in their investment decision making, and 60 percent of APAC investors cited “ESG/sustainability data and research and challenges as the biggest obstacle to deploying capital into these investments.”
Specific challenges pertinent to ESG data include a lack of standardisation in performance and reporting metrics, as well as uneven consistency and reliability in the data, according to Tan. The survey numbers “highlight the critical need for improvement in ESG data collection, standardisation, and harmonisation,” Tan said. “This will facilitate better analysis and more effective sustainable investing.”
Looking ahead: The future of data management As asset owners continue to evolve their data strategies, the role of technology and service providers will become increasingly crucial in navigating the complexities of modern investment landscapes. Data management solutions will become instrumental in the way that Asset Owners master the monitoring and adjustment of their strategic asset allocation. By leveraging advanced technologies, standardising data practices, and partnering with specialised service providers, asset owners can unlock new levels of efficiency, risk management, and investment performance. This ongoing evolution will not only benefit the asset owners but also the individual investors whose futures depend on these strategic decisions.
Daniel Gamba, chief commercial officer, Franklin Templeton
Former Northern Trust president of asset management Daniel Gamba has joined Franklin Templeton as chief commercial officer, effective 15 October.
Based in New York, Gamba will oversee global sales, marketing and product strategy. He reports to Jenny Johnson, CEO, and replaces Adam Spector, who spent five years with the company.
Franklin Templeton reported US$1.6 trillion in assets under management (AUM) as of 30 June, up 2% year-on-year (YoY). Net income was down 47% YoY at the end of the second quarter, reaching a reported US$92.3 million.
Alongside Gamba, Franklin Templeton has promoted Terrence Murphy, head of public market investments, and Matthew Nicholls, chief financial and operating officer, to co-presidents.
Gamba has almost 25 years of industry experience, the bulk of which has been spent with BlackRock. He held a number of senior roles at the firm, including co-head of fundamental equities, global head of active equity product strategy and US co-head of iShares.
Prior to this, he was at Barclays Asset Management (before its acquisition by BlackRock) as director of global strategy and, later, CEO for LatAm and the Caribbean.
At Northern Trust Asset Management, which holds a reported US$1.7 trillion in AUM, Gamba is replaced by Michael Hunstad.
Hunstad has been with NTAM since 2012, and was promoted from global co-chief investment officer.
Emily Hackett, director of European cash equity sales, Cboe Europe
Cboe Europe has named Emily Hackett as director of European cash equity sales.
Based in London and reporting to Jerry Avenell, head of sales for European cash equities, Hackett is responsible for expanding the firm’s equity trading service client base.
Cboe Europe reports an average monthly market share of 25.1% in cash equities across the region.
Hackett has more than a decade of industry experience and joins Cboe Europe from Goldman Sachs, where she has been chief operating officer and head of the Sigma X multilateral trading facility since 2018.
Prior to this, she spent five years at electronic FX and fixed income trading platform NEX (now part of CME).
From TINA to TANIA: Rathbone’s Bryn Jones on Credit Market Shifts and the Rise of Passive
As summer has drawn to a close, Bryn Jones, head of fixed income at Rathbones, shares his views on the latest influences driving credit markets; yield curves steepening across government bonds, and notes the behaviourial shift from TINA, “There Is No Alternative” to equities to TANIA, “There Is Now Investment Alternatives”. The fixed executive also discusses the rise of passive investing, its impact on markets and how active managers are seeking to navigate margin pressures and differentiate themselves to remain competitive. Looking ahead, Jones unpacks what else is on his radar for the rest of the year and looks at what active managers should be paying close attention to over the next few months.
For high-frequency traders, the most desirable London location seems to be on top of LSEG’s data centre in the Docklands, where the FCA is investigating whether low latency connectivity services (LLCS) are getting fair access to the exchange.
Currently, only LSEG can access the building’s rooftop and house low latency connectivity services’ (LLCS) radio equipment there. The exchange uses its own Exchange Wireless Service (EWS).
As other LLCSs cannot install their equipment on the data centre’s roof, providers’ radio units are at a greater distance from the LSE. The FCA has questioned whether this restriction on providers has impacted competition between third-party LLCS connecting the LSE to Cboe Europe’s data centre in Slough and the ICE data centre in Basildon.
LSEG insists that its own EWS services gain no latency advantages from location.
“The market for LLCS is competitive, and customers can choose between various low latency providers. LSEG provides LLCS via its EWS and is committed to providing a resilient service to its customers, investing throughout its routes to provide a secure, robust and valued service,” it stated.
“Given the amount of time and resources from all parties in reviewing a minor aspect of LLCS, LSEG has offered commitments to reassure the FCA that there is no basis for the potential concerns under investigation on a forward-looking basis, so as to conclude the process.”
However, the FCA warns that non-EWS LLCS providers could be burdened with significant additional costs in their route constructions and limited route designs as a result of the rooftop lockdown. Additionally, EWS faces little incentive to improve its latency as the competitive landscape is muted.
The FCA has not reached a conclusion on whether competition law has been broken, but commented: “At this stage, the FCA provisionally considers that LSEG’s conduct is not objectively justified.”
High-frequency traders (HFTs) and market makers are particularly impacted by the issue, the FCA highlighted. The former rely on speed to exploit minute differences in instrument prices, while the latter need up-to-date data to minimise those arbitrage opportunities.
LLCS providers McKay Brothers Communications and New Line Networks (owned by Jump Trading and Virtu Financial) also have connections established on the ICE-LSE route. Neither have commented on the situation.
LSEG and the landlord of the data centre building have proposed ending LSEG’s exclusive rights to the rooftop, and introducing a space for third parties equal to that of their own.
A consultation on the proposal is running until 29 September.
Swetha Ramachandran has joined RBC BlueBay Asset Management as a global equities portfolio trader for the consumer sector.
Based in London, she reports to head of global equity, managing director and senior portfolio manager Habib Subjally.
BlueBay represents RBC Global Asset Management’s non-North American operations. Its global equity team holds US$29.2 billion in assets under management globally, serving both institutional and wholesale investors.
Subjally commented, “This is the second portfolio manager role we have added to the Global Equity team this year, following the appointment of Jonathan Crown in June, signalling our deep commitment to, and client demand for, this asset class.”
Ramachandran has more than 25 years of industry experience and joins BlueBay from Artemis Investment Management. Most recently she managed the Artemis Funds (Lux) – Leading Consumer Brands fund, which was liquidated on 31 July.
Earlier in her career, Ramachandran was lead manager of GAM Investment Management’s luxury brands strategies and covered consumer stocks at AllianceBernstein.
John Fischer has been named senior vice president (SVP), market structure and business development at Citadel Securities, covering the Americas and EMEA. He has relocated to London for the role.
According to a spokesperson, the firm has a 23% market share in US equities. The head of business development for EMEA, Adam Matuszewski has recently left for SIX.
Fischer joined Citadel Securities in December 2022 as VP for market structure and business development in New York. Before that, he spent nine years at NYSE in strategy and business development roles, reaching director rank.
Sandro Galfetti has joined Houlihan Lokey’s equity secondary solutions team as a managing director, covering the private equity sector.
In the London-based role, Galfetti will lead the general partner (GP)-led secondary advisor business in Europe alongside Michael Pilson. The pair are responsible for advising EMEA-based private capital sponsors on GP-led transactions including single- and multi-asset continuation vehicles.
The secondary market solutions business services general partners and alternative investment managers, providing services including liquidity solutions and capital structuring. In 2024, the group closed 15 GP-led secondary transactions in 2024.
Matt Swain, managing director and global co-head of equity capital solutions, commented, “We believe current secondary market growth will take dollar volumes to new heights over the short, medium, and long-term. Sandro’s appointment is proof of that conviction, specifically in the EMEA region.”
In Q2 2025, Houlihan Lokey reported US$605 million in revenues – up 18% year-on-year.
Galfetti has close to 25 years of industry experience and joins the company from UBS Investment Bank, where he was head of EMEA secondary advisory. Since 2008, he has held secondary investment management roles at investment bank PJT Partners, The Blackstone Group and Capital Dynamics.
Galfetti began his career at Swiss Re Financial Services as a project auditor and structured credit underwriter.
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