[ C O V E R I N T E R V I E W | U N I G E S T I O N ] for trading these new asset classes and to work with the most appropriate counterparts ,” Champenois explains . “ We are still learning every day , and the real benefit I would say comes from the proximity we have with the portfolio managers . We are interacting with them constantly and discussing strategies or pricings on a daily basis . Our brokers were also key partners in training and providing us with advice .”
Extreme market conditions The new multi-asset set-up , which had taken Champenois and his team several years to fine-tune , would prove useful come March this year . News of the global spread of coronavirus hit markets hard at the end of the first quarter in 2020 , with volatility reaching levels unseen for a decade . As spreads widened , market depth plummeted and some brokers pulled back from the market entirely , trading floors across the world closed and the industry was forced into a remote working environment .
Unigestion was not immune to the developments , and as a global asset manager with a footprint in Europe , North America and Asia , the business acted fast to ensure the safety of its staff . All employees were asked to work remotely at the peak of the pandemic , except for a few sensitive departments where weekly rotations and safety precautions were put in place to guarantee continuity of services to clients . This applied to trading , risk , IT , and logistics .
“ Given the fact that we have been extremely active in terms of flows , everything has been pretty smooth technically speaking ,” Marie-Françoise says . “ Of course , markets have been extremely active , but coverage has been super steady and there was no disruption to trading .”
Communication , as most workers in any industry would likely agree , was impacted both internally and externally . Ensuring instructions were efficient and clear for everyone from the traders , brokers , portfolio managers through to operations has been a focus for the entire community .
Champenois outlines how at the height of the market volatility , it became more and more difficult in terms of communication with brokers . Traders were quick to turn to electronic channels to gain access to the market and ultimately get business done as high-touch desks became less reactive under the strain .
“ Brokers were busy and there was sometimes a lack of reactiveness , especially in the derivatives space ,” Champenois adds . “ If
“ I think the sell-side did the best they could under the circumstances .”
STÉPHANE MARIE-
FRANÇOISE , SENIOR VICE PRESIDENT , EQUITIES TRADING , UNIGESTION
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