executed order that was generated on the wrong assumptions has already lost significant value. Our implementation team handles order generation, pre-trade compliance checks and limitbreach management, market access setup, allocation, flow management, and the FX and cash management that sits around it, including hedging for hedged share classes.
“ For our portfolio managers it is a single point of entry into the rest of the value chain, with segregation of duties and equal treatment of clients built in from the first step. And because the processes are digital and consistent, we can measure them and keep optimising- you can ' t improve what you can ' t see.”
“ There ' s always a lot moving at once,” says Müller, adding that what sets the team apart“ is the level of specialisation we bring to this specific function”.
“ Implementation is sometimes seen as a middle step, but we treat it as a discipline in its own right. By having a dedicated team that really owns this space, we free up the portfolio managers time to focus entirely on investment decisions- which is where their attention should be.
“ That separation of responsibilities sounds simple, but it makes a real difference to the quality of execution and, ultimately, to outcomes.”
Echoing this, Mølkjær tells The TRADE that, from his perspective, order generation is an equal pillar of the desk because a lot of alpha is preserved- or lost- before an order ever reaches the market, adding that“ any desk that treats implementation as plumbing is leaving alpha on the table”.
“ Execution gets the attention, but a perfectly
“ We draw on a very Nordic way of working- one where the best idea wins regardless of where it comes from, and where candid, open discussion is not just welcomed but expected.”
ANUJ THAKUR, HEAD OF CREDIT TRADING
‘ The best idea wins’ There is a demonstrably strong trading team behind NAM’ s success. When it comes to the winning dynamic, the co-heads double down on the collaborative, curious, nature of the desk.
“ We ' ve built a blend of young talent and deep experience- more than 150 years of combined trading experience alongside people early in their careers- representing 14 nationalities across three offices.
“ That diversity of backgrounds and perspectives keeps us honest; nobody assumes that the way we did something last year is automatically the right way to do it now.”
The environment which both Folke and Mølkjær have helped forge is palpably central to the desk’ s success, with diversity of thought not just beneficial – it is a crucial aspect to the desk.
Folke asserts that the approach“ develops critical thinkers who challenge assumptions, take
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