Ardent Financial has recently launched as a new global Securities Dealer to provide discrete and efficient execution and liquidity to the institutional market.
The London-based firm trades bonds and reorganized equities in credit markets across Europe, the U.S. and select Emerging Markets, including Latin America. It provides clients with two-way markets in event-driven corporate and financial credits and has already onboarded a number of European and U.S. institutional clients.
In contrast to many traditional brokers, Ardent is capitalized with institutional-quality permanent equity, allowing it to provide firm markets and liquidity with its proprietary balance sheet to a broad base of global credit investors.
Ardent has a highly experienced board of directors and senior management team, with an average of over twenty years’ experience each in global credit markets. The firm’s philosophy and process has been developed and refined over several credit cycles, with an emphasis on identifying investment situations that may be exceptionally mispriced.
Alongside the systematic identification of event-driven credits across a range of performing, stressed and distressed situations is active fundamental monitoring and dynamic secondary trading. Ardent’s disciplined approach is supported by a strong focus on a core list of credits where the firm performs comprehensive analysis.
Explaining why he felt now was the right time to launch a new securities dealer, Ardent’s CEO, Peter Chung said: “The continuing decline of well-resourced and seasoned dealers over the past decade has opened up a unique opportunity for us to enter and serve our clients in the global markets. Credit markets have historically been exposed to volatility in other asset classes. This volatility continues today, especially following the explosive growth in investment grade and high yield bond issuance and related indenture deterioration. This has led to many heavily leveraged corporate balance sheets, with unsustainable capital structures.”
Commenting on the launch, a U.S. Buy-Side Head said “Peter has built an incredible reputation over the years with buy-side clients that recognize his ability to add value and differentiate himself from others. He has created a unique franchise whose success is primarily driven by focus on credit selection, liquidity, knowledge of credits, discretion and loyalty, among others. I have no doubt in Peter’s ability to hit the ground running and succeed with his new firm, and anxiously look forward to having a veteran like him back in the market again.”
A European Buy-Side Head Trader added “For the past 5 years, Peter has been an invaluable business partner. Not only does he display a unique ability to identify interesting investment opportunities, but he is an extremely trusted and reliable source of liquidity, enabling the entry and exit of positions on a large scale in the most discreet and efficient manner. I am very excited for Peter’s return to the marketplace.”
Senior Management Team
Peter Chung, CEO
20+ years’ experience in trading debt and equity instruments. Senior Trader at SC Lowy’s European, US and EM event driven/special situations business. Head of European Distressed, HY & Loan trading at Nomura. Portfolio Manager at Verition Fund Management and Highland Capital Management. A.B. in Economics from Princeton University.
Aidan Brady, COO
25+ years of experience in operations. Previously, CEO of the UK Municipal Bonds Agency Plc. COO of Deutsche Bank UK and CEO of DB UK Bank Plc. Chartered Accountant, with a B. Comm from University College Dublin.
Timothy Alexander, Head of Strategy
20+ years of event driven experience. Partner/European Head of Sound Point Capital Management. Built UBS’s European loans and distressed trading business. Graduate from Tulane University’s AB Freeman School of Business.