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“ Interesting , lucrative , fun but highly unconventional .”
block trading because we don ' t have that size requirement currently . We have done some especially in the SPVs [ special purpose vehicles ]. It ' s something that I did in previous shops probably 90 % time whereas here , I ’ d say 90 % I ' m using algos or low touch . It ' s a very different model but as we grow , that ratio will change .”
The firm is passive in its execution given the nature of the business it is in . For Papanichola , it is long-term relationships with the street that make success using this method of trading possible .
“ What we ' re trying to do here is we create a skeleton with our story and investment thesis . Then the trading is really about
44 // TheTRADE // Q1 2024 delivering what we ' re trying to achieve in the most efficient and cost-effective way possible . At our size , we can do that very effectively with algos that are available to us ,” explains Papanichola .
“ Something that I had to learn very early in my career is that it ’ s about bringing the street close to you rather than working against it because it just doesn ' t improve or foster the right relationships - especially when you ' re trying to do stuff that ' s incredibly secretive or where you ' re involved in stake building .”
Pete Papanichola had been around the houses before landing his current role at Bluebell . After a short spell in banking , an enduring period of ruthless hours at various hedge funds and a brief career break to co-found a sustainable water company among other ESG-championing campaigns , he has found a role that suits both the capitalist and the charitable streaks within him . As for Bluebell , in its line of business and current stage of growth , that will no doubt be a name heard in the press again in the not-too-distant future .
“ The more money the business makes , the more money the charity makes .”