Bernstein's Sector Joys
Traders Magazine, November 2005
Famed New York Yankees catcher and philosopher Yogi Berra once said, "You can observe a lot just by watching." Tom Wright, head of global equities at Sanford C. Bernstein, may have heeded those words in the firm's move to sector trading in June. "Within three or four months, I knew sector trading was the way to go," said Wright, the former long-time Merrill Lynch trading executive who took the reigns at Bernstein in August 2004. Wright said there has been an uptick of trading at the firm since the move. He attributes the increase to sector trading, but also because the firm's algorithmic trading platform is "gaining traction." Bernstein developed its own algo strategies, as opposed to white labeling another firm's, and that's begun to pay off, Wright added.
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