Buy-side Perspectives Issue 4 - Page 8

THE HONG KONG WAY Kent Rossiter, head of trading Asia, Allianz Global Investors W hen Kent Rossiter joined Allianz Global Investors in 1999, he was the new guy. Despite the passage of time, that is a status he still holds among the company’s senior traders, due to the stability of the team which has not changed too much in the years since. The same cannot always be said for the structure of the modern trading desk, however. 8 Originally, the company operated six different trading desks in Asia; however, these have long since been merged. It’s a detail that hints at the increasing focus on efficiency, as trading desks become more proficient, more asset classes are added and more local markets are connected up. At the same time, the availability of liquidity has combined with pressure on costs to influence the way the trading desk operates. In Asia, the availability of liquidity is an important factor. “You can’t always trade when you want,” Rossiter told the Buy-side Perspectives. “That means being patient at times and very aggressive at other times. If the market’s not right, you have to be willing to step out for a few days.” Globally, liquidity has been an issue of debate for some time. While this June 2016