FX analytics provider BestX signs up active quant money manager Berenberg

Berenberg Asset Management announced its adoption of BestX, the FX analytics software provider, for transparency and to evidence best execution to their clients. Berenberg is a quantitative active currency manager with some €11 billion ($12.8bn) in AuM.

Matthias Grimm, head of Overlay at Berenberg, said in a statement that the importance of indirect execution costs is often underestimated by investors using an outsourced currency manager, but it can have a significant impact on the performance of a currency hedging strategy. That’s why the firm has established a specialized team for execution that is separate from portfolio management, he added. Within this trading setup, BestX will provide analysis and pre- and post-trade tools.

Since 2016 when it was founded, BestX has gained significant market share with asset managers because of increased transparency demands in FX markets following a series of fixing scandals and regulatory scrutiny. “The AUM of our buy-side clients is through $17 trillion, and we are starting to see adoption increase across Germany and more broadly in Europe,” said BestX co-founder Oliver Jerome.

BestX is also making headway with the sell-side: Societe Generale picked the vendor to provide independent pre- and post-trade TCA alongside the bank’s internal tools.

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