Knight Trading Group to Offer Outsourced Portfolio Financing Services to Hedge Funds Through S3 Asset Management
20 January 2005 - 8:15AM
PR Newswire (US)
Knight Trading Group to Offer Outsourced Portfolio Financing
Services to Hedge Funds Through S3 Asset Management JERSEY CITY,
N.J., Jan. 19 /PRNewswire-FirstCall/ -- Knight Trading Group, Inc.
(NASDAQ:NITE) today announced that its Knight Equity Markets, L.P.
subsidiary has established a strategic relationship with S3 Asset
Management to provide hedge fund clients with balance sheet
management solutions. S3, based in New York, trades collateral on
an agency basis, provides financing services and structures funding
programs for its hedge fund clients. "The effective management of
financing and funding costs is a priority for absolute
return-oriented funds, and Knight's relationship with S3 Asset
Management adds this key component to the suite of products and
services we offer to our institutional clients," said Thomas M.
Joyce, Chairman, Chief Executive Officer and President of Knight.
"We recognize that institutional managers are increasingly
interested in outsourcing, allowing them to tap the best expertise
in the business in a cost-efficient manner. With this agreement,
our hedge fund clients now have access to superior portfolio
financing and asset funding services, in addition to the unbundled
trade execution products and services they already seek from
Knight." Robert Sloan, Managing Partner of S3 Asset Management,
said, "Increasingly for hedge funds, effective portfolio financing
is becoming as important as trade execution. The current market
environment for volatility and interest rates makes it more
important than ever for hedge funds to focus on their financing and
funding needs. My colleagues and I welcome the opportunity to work
with Knight and add value to their clients." About Knight Trading
Group Knight is focused on meeting the needs of institutional and
broker-dealer clients by providing comprehensive trade execution
services in equities. A leading trade execution specialist, Knight
offers capital commitment and access to a deep pool of liquidity
across the depth and breadth of the equity market. Knight also
operates an asset management business for institutions and high net
worth individuals. To be a valued partner, Knight strives to
provide superior client service and will continue to tailor its
offering to meet the needs of its clients. More information about
Knight can be obtained at http://www.knight.com/ . About S3 Asset
Management S3 Asset Management, based in New York, is an outsourced
portfolio financing manager delivering innovative balance sheet
management solutions to hedge fund clients. The firm trades
collateral on an agency basis, provides financing services and
structures funding programs. Its services to hedge funds include
daily short book management, color for short sales and locating hot
stocks, recall / buy-in advice, management of yield enhancement and
leverage. More information about S3 Asset Management can be
obtained at http://www.s3asset.com/ . Certain statements contained
herein constitute "forward-looking statements" within the meaning
of the Private Securities Litigation Reform Act of 1995. These
forward-looking statements are based on current expectations,
estimates and projections about Knight's industry, management's
beliefs and certain assumptions made by management. Readers are
cautioned that any such forward-looking statements are not
guarantees of future performance and are subject to certain risks,
uncertainties and assumptions that are difficult to predict. Since
such statements involve risks and uncertainties, the actual results
and performance of Knight may turn out to be materially different
from the results expressed or implied by such forward-looking
statements. Given these uncertainties, readers are cautioned not to
place undue reliance on such forward-looking statements. Unless
otherwise required by law, Knight also disclaims any obligation to
update its view of any such risks or uncertainties or to announce
publicly the result of any revisions to the forward-looking
statements made herein; however, readers should carefully review
reports or documents Knight files from time to time with the
Securities and Exchange Commission. DATASOURCE: Knight Trading
Group, Inc. CONTACT: Margaret Wyrwas, Senior Managing Director,
Corporate Communications & Investor Relations, +1-201-557-6954,
, or Kara Fitzsimmons, Vice President, Corporate Communications,
+1-201-356-1523, , or Greta Morley, Assistant Vice President,
Marketing Communications & Public Relations, +1-201-557-6948, ,
or Molly McDowell, Analyst, Corporate Communications & Investor
Relations, +1-201-356-1723, , all of Knight Trading Group;
Charlotte Luer, of LJH Financial Marketing Strategies,
+1-239-280-1317, , for S3 Asset Management Web site:
http://www.knighttradinggroup.com/ http://www.knight.com/
http://www.s3asset.com/
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