MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication
an InvestmentWires' Publication
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MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication |
|
Tuesday, December 12, 2000 MAXfunds Seals the Deal with Basket Trader UNX , an investment professional basket trading system, has struck a deal with MAXfunds . MAXfunds has entered an exclusive relationship to provide portfolio baskets and associated analytical information for UNX clients. By the first of the year, UNX will offer a full complement of MAXfunds baskets in sectors such as biotech and utilities. "We have customers who know exactly what securities they want to put into their portfolios to trade, but there are many more who, like mutual fund investors, want to pick an off the shelf portfolio with data and performance figures to support it," said Matt Ridenour, chairman and chief executive officer of UNX. UNX serves primarily hedge funds and market timing RIAs. The portfolios, accompanied by MAXfunds' data, will allow active traders access to fund-like baskets which they otherwise might be excluded from. "One of our founders was an active trader, so he knew there was a need especially for market timers who were getting out of the mutual fund business," said Jim Digracia, UNX's vice president of marketing and business integration. Besides providing another trading outlet for market timers that many fund companies dread, UNX may provide a benefit to funds through its trading platform. "In fact, we do have mutual fund clients," said Degracia. "There's a large European bank who is one of our more active customers." Degracia told MutualFundWire that UNX is actively negotiating with a number of name-brand fund companies who are interested in adopting UNX's platform for their own use. This year, the company has transacted $9 billion through its system with fewer than 100 largely institutional clients. Degracia added, "We've had fund companies talk to us about using us as a trading engine, and that's especially flattering." Printed from: MFWire.com/story.asp?s=26267 Copyright 2000, InvestmentWires, Inc. All Rights Reserved |