The mutual fund industry's own dark pool is close to coming online.
| David Haga\en|
Luminex Trading & Analytics LLC
Head of Product
Yesterday Boston-based Luminex Trading & Analytics revealed
plans to open for trading next quarter. Luminex is backed by a consortium of nine giant asset managers: BNY Mellon
], Capital Group
], J.P. Morgan Asset Management
], State Street Global Advisors
], and T. Rowe Price
]. The pitch is that it will be an "independent platform for investment managers with a long term focus to trade large blocks of stock with other investment managers," while keeping the high-frequency traders and the associated high trading costs out of the pool altogether.
News about the Luminex alliance first broke
in January. Michael Cashel
, senior vice president of Fidelity Trading Ventures, was Luminex's interim CEO.
Luminex also has a new senior leadership team. Jonathan Clark
takes over as permanent CEO, succeeding Cashel. Brian Williamson
serves as head of sales, James Dolan
as chief compliance officer, David Hagen
as head of product, and Daniel Consigli
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