SumRidge Launches Bond-Information Platform for Wealth Advisers
06/13/2012| 11:10am US/Eastern
By Patrick McGee
Fixed-income specialty firm SumRidge Partners LLC Wednesday launched an information platform that aims to provide wealth advisers with a range of ideas to help them trade corporate and municipal bonds.
The Jersey City-based firm was established in August 2010 by Tom O'Brien and Kevin Morano, who previously co-led Morgan Stanley Smith Barney's capital-markets division.
SumRidge is a principal-based market maker in corporate bonds, municipal bonds, and preferred shares. It said its new platform, the SumRidge Liaison Desk, is designed to cater to what it called a new "competitive landscape" shaped by the growth of independent advisory firms.
The platform offers regular commentary on trade ideas, credit analysis, and investment trends within fixed income, according to a company press release. Subscribing to the commentary is free. The firm earns revenue by executing trades over the phone and selling bonds from its inventory through electronic platforms including BondDesk Group LLC's BondDesk, Knight Capital Group Inc.'s (KCG) Knight BondPoint, Tradeweb Markets LLC's Tradeweb Retail and TMC Bonds LLC's MuniCenter. TMC Bonds is owned by a consortium including Bank of America Corp. (>> Bank of America Corp), Citibank Inc. (>> Citigroup Inc.), Morgan Stanley (>> Morgan Stanley) and Assured Guaranty Ltd. (>> Assured Guaranty Ltd.).
"We are launching the new Liaison Desk because we recognize that independent advisors can benefit from accessing our wealth management sales and trading experience, allowing them to focus more of their time on their current and future client base," said Mr. Morano in the press release.
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