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The human edge in outsourced trading
If there’ s one misconception I’ d like to dispel about outsourced trading, it’ s that success hinges purely on systems. Technology is crucial, of course, but none of it matters without the right people. At JonesTrading, our outsourced trading platform is built around the belief that it all starts with a skilled and experienced team that is passionate about servicing our clients.
When I look out across our office, I see the core of what makes this business work. It’ s a team of traders, quants, prime-services specialists, and cap-intro experts- all working collaboratively. Today, we’ ve grown organically into one of the largest outsourced trading desks in the US, supporting clients across hedge funds, mutual funds, and asset managers of all sizes.
That growth isn’ t a result of clever sales or marketing schemes, it happened because we invested in building the right team, and staying laser-focused on the relationships that drive performance.
Why people matter most Outsourced trading is a relationship business. Our clients engage us because they want a trading partner that understands their portfolios, their pressures, and their style of
JonesTrading has built its outsourced trading business methodically: hiring smartly and expanding as its clients have grown. Following another strong performance in this issue’ s survey, Jeff LeVeen, global head of outsourced trading, discusses why clients continue to praise the service delivered year after year.
decision-making. That requires experienced professionals- people who have lived through volatile markets, who understand the psychology of both portfolio managers and counterparties, and who can communicate effectively in real time.
We deliberately recruit people who have sat on both sides of the table- former buy-side traders, portfolio managers, and sector specialists. They know what information a PM actually wants to hear and how to translate trader talk into actionable insight. Matching those skill sets and personalities with the right clients is both a science and an art. If a fund is heavy in biotech or energy, we make sure the trader covering them understands that sector, knows the right counterparties on the Street, and can filter meaningful data from noise.
This focus on people has earned us top marks in The TRADE’ s outsourced trading survey for coverage, execution, and relationship management- the same three factors clients consistently rank as most important. That alignment is no coincidence; it is a reflection of our business culture.
A culture of listening One thing I think the industry sometimes underplays is the importance of listening. Our outsourced trading portal AlphaVision was developed as a direct result from listening to client feedback. Portfolio managers told us they felt detached from the way commissions were being allocated and wanted more transparency into who was getting paid, for what, and why. So we built a tool to show them just that. AlphaVision shows, in real time, how commission budgets are
10 // Outsourced Trading Handbook // 2025