Four additional money managers have signed up with Plato Partnership, a consortium that aims to create a new trading platform in Europe.
AXA Investment Managers, Union Investment, J.P. Morgan Asset Management and Fidelity Worldwide Investment have joined the not-for-profit consortium, which aims to reduce trading costs, simplify market structure and, ultimately, to act in the best interest of end investors when it comes to trading.
These four join existing money manager participants Deutsche Asset & Wealth Management and Norges Bank Investment Management; along with seven banks — UBS, Barclays, Citi, Deutsche Bank, Goldman Sachs, J.P. Morgan and Morgan Stanley.
“The prospect of guiding the sell side toward the launch of a not-for-profit project such as this is unique — I don’t believe that the buy and sell side have ever worked together in this way before, and we are proud to be a part of that,” said Paul Squires, head of trading at AXA Investment Managers, in a news release from Plato.
