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JonesTrading Institutional Services LLC, a leading agency brokerage, which provides institutions and hedge funds with unconflicted block trading in securities, announced today that it has expanded into convertible bonds, an asset class tied to underlying equities. The convertible bond development is a natural growth path for JonesTrading, given its historic commitment to providing institutional clients with block trading in ordinary, ADR and GDR shares. The firm has named industry veteran Terence Tucker to lead the group.
This announcement is that latest in a series of strategic growth announcements, and follows on the global expansion headed by Marcus Martin.
Mr. Tucker has been named Managing Director and Head of Convertible Bond Sales and Trading, reporting to Chairman and CEO Packy Jones. Over the past 15 years he has held leading roles in the industry in convertible bonds, and brings a breadth and depth of diversified experience and expertise in all aspects of equity and equity linked products.
Prior to joining JonesTrading he was Managing Director for Convertible Bond Sales at Barclays. Prior to the Barclay’s acquisition, he worked at Lehman where he earned The Chairman’s Award for Outstanding Client Service.
The move into convertible bonds is a new initiative in response to market conditions and client demand. Increasingly institutions seek “one-stop” trading in equity related products. Using the JonesTrading relationship based network, Mr. Tucker will now bring equity linked instruments into the block trading that JonesTrading delivers each day.
Said Packy Jones, JonesTrading's Chairman: "The picture for performance among traditional asset managers and alpha generation for hedge funds remains challenging. Our goal is to allow our clients to leverage the JonesTrading model so that they can access liquidity and execute in size without leaving a footprint. By now providing access to convertible bonds, we believe our approach will give our clients yet another tool for finding the performance and alpha they seek.”
Said Terence Tucker, Managing Director, JonesTrading: "Relationships are at the heart of trading and bringing the relationships I have established over the years into the JonesTrading network will bring immediate opportunities for execution. Providing convertible bonds to JonesTrading’s current clients will enable them to have access to an expanded range of instruments tied to those that they already trade – thereby improving the growth opportunities that they seek on behalf of their own end investors. To achieve those goals we will be adding to the group through recruiting in the months ahead.”
