Trading Trading Strategy Fixed income Portfolio Managers Dave Plecha and Henry Gray review broker offerings at the start of the trading day. Two fixed income portfolio managers open the trading desk. Next, they review broker offerings. The desk trades its foreign bonds first, since foreign bonds trade primarily out of London. Only a small percentage of the bonds reviewed are purchased.
Currency is traded and hedges are overlaid.
Head Equity Portfolio Manager Bob Deere at the beginning of an active day on the desk. Domestic short term instruments and commercial paper are traded early in the day as well. The desk processes the trades, confirms details with the brokers, and forwards the trades to the custodial bank where they settle that day. Trading assistants update and code data for thousands of securities. Trading of domestic equity portfolios is also done in Santa Monica.