[ B U Y- S I D E
I N T E R V I E W
G
|
G I A N L U C A
M I N I E R I ]
ianluca Minieri,
global head of
trading at Pioneer
Investments,
has been leading
the company’s
The buy-side is taking proactive
development of
steps
to develop all-to-all platforms
a cutting edge
trading operation for the last nine
where we can trade not with just
years. Minieri was hired from
the sell-side but the buy-side.
Italian lender Monte dei Paschi
di Siena in 2008 where he had
been the chief executive officer of
separating duties between portfolio
its Irish subsidiary Monte Paschi
manager and trader. It was a way of
Ireland. The year he joined the
letting portfolio managers focus on
markets went into meltdown. It
handling the investment business,
was also the year of the Markets In
removing them from the business
Financial Instruments Directive I
of execution. The result has been a
(MiFID I) which led to a number
complete cultural shift. But this has
of unintended consequences, in
not come without some pain.
particular the fragmentation of
“Initially portfolio managers felt
liquidity across execution venues.
they were losing control of their
Pioneer saw there were hard
orders,” he says. “They were used
times coming and were looking to
to executing. We worked with
respond, says Minieri. His mandate our portfolio managers and built
was to set up a global trading infra-
consensus by showing that a segre-
structure for the company’s €220
gated trading function was going to
billion worth of assets, establishing
take over an activity that for them
hubs in its seven main locations—
had become a full time job.”
Singapore, Boston, Dublin, London,
It took several years to set up
Milan, Munich and Warsaw—and
the new structure. The company
now has 27 traders who report
to Minieri that are dedicated full
time to the trading and execution
business. Pioneer’s trading desks
are connected virtually as part of a
worldwide team. Trading books in
individual countries form part of a
global order book where everyone
can execute on behalf of other
desks.
“You don’t have to necessari-
ly trade by physical location or
domiciliation of funds but also
24
TheTrade
Winter 2016