[ M E E T T H E D E S K | M & G I N V E S T M E N T S ]
play approach but more recently mid touch services around low touch offerings have become a differentiator,” he says.
“ We advocate showing our sales trader as an approach. If we’ ve got excellent sales traders we don’ t mind if they see our algo use. They can then step in to say they might have some natural for example. It’ s blurring the line between high and low touch but it means that we get the best possible outcomes.”
Data-led expansion As the desk has continued to evolve so too has the instruments that it trades. In its quest for alpha, the desk has incorporated ETFs and options into its workflows- the latter has seen a boom in volumes in light of US tariff-led market volatility. The team has a data-led approach to its instrument expansion, learning from its equities electronic workflows and translating these into other areas on the desk.
“ What we ' ve endeavoured to do is ensure that we apply the same tried and tested approach for equities where we ' ve got electronic connectivity, which is a massive risk mitigant, and apply those standards to all the other asset classes,” explains Riches.
“ We have FIX technology for ensuring that we send orders electronically. It helps us scale and build a market picture as
“ It’ s blurring the line between high and low touch but it means that we get the best possible outcomes.”
DANIEL RICHES
38 // TheTRADE // Q2 2025 well. Everything is standardised and data-led.”
The desk now trades equities, ETFs, convertible bonds and equities derivatives, including futures and options.
Central to much of this continued data-led innovation and expansion on the desk is the team’ s trade support unit, headed up by head of dealing services Ispal Shergill who joined the firm in 2019 from Prestbury Investment Holdings where she had been serving as a financial analyst.
Under her stewardship, the support model has evolved away from standard checking queries to longer term strategy, supporting the trading desk
“ Knowing where we will find those opportunities in our sector specialisms is easier than having to know where the liquidity opportunities lie in absolutely everything.”
LAURA MOULD
with enhanced data capabilities that fuel their execution decisions.
“ When we go to meet with our brokers, it’ s hugely helpful to be able to come armed with information on how they ' re trading with us as a counterparty over the last three or six or 12 months and you can compare back,” explains Mould.
“ It ' s very easy to interrogate our data now, which is something that ' s probably improved hugely within the last couple of years.”
The trading desk leverages its TCA capabilities and internal dealing data repository to manage the continued assessment of its counterparty roster. Much like many firms both big and small across the street, M & G Investments has become increasingly reliant on TCA to ensure it is achieving optimal outcomes.
“ Markets continue to evolve at pace and we make sure that as they do, we ' re reacting to that. We ' ve got an internal data repository for dealing data which takes multiple inputs and that enables the dealers to self-monitor and ensure effective oversight both at a local level, but also up the chain. We also can use that feedback loop with our counterparties,” says Riches.
“ We do algo trading, program trading and cash