Thomson ReutersSoros at the Annual Freedom Award Benefit Occasion hosted by the International Rescue Committee at the Waldorf-Astoria in New York.
Legendary investor George Soros is backing TruMid, a hot new bond-trading startup.
The billionaire’s Soros Fund Management has invested in the business, according to men and women familiar with the matter. It isn’t clear how considerably Soros is investing.
The investment represents a coup for the firm, which was set up late last year and officially launched on April 29 as an electronic trading marketplace for corporate bonds.
Michael Vachon, an adviser to the chairman at Soros Fund Management, and TruMid chief advertising and marketing officer Tim Reed every declined to comment on the investment.
TruMid is 1 of various firms attempting to take advantage of elevated interest in electronic bond trading at a time when many are complaining about decreased liquidity.
Bloomberg reported in March that the firm had raised dollars at a valuation of $75 million.
TruMid started out trading high-yield and distressed bonds, and it added investment-grade bonds to its service earlier this month. It plans to launch credit default swap trading in the fourth quarter.
Trading is focused on 10-minute periods called swarms, with the concept becoming that obtaining modest windows of trading focuses liquidity in particular periods of time.
The firm was set up by Ronnie Mateo, who previously worked at inter-dealer broker Trinity Brokers, and has added numerous effectively-known Wall Street traders to its ranks considering that its formation.
Trading at TruMid is focused around “swarms.”
They consist of Mike Sobel, a former head of higher-yield bond trading at Lehman Brothers and Barclays, and Mike Martinic, who previously ran quantitative and fundamental credit trading for Citadel Asset Management.
It also has several Goldman Sachs alumni on staff, like Josh Hershman, Chris Ruggiero, Matt McBride, Justine Robertson, Kelly Maier, Josh Rubinson and Ravi Singh.
While Reed at TruMid declined to comment on an investment, he did shed some light on TruMid’s improvement since launch.
The platform has 182 clientele signed up and onboarded to the platform, he mentioned, produced up of 24 dealers, 116 hedge funds and 42 so-known as real-cash investors. The platform has one more 370 accounts in the process of becoming onboarded.
The platform has traded over $two billion worth of higher-yield and distressed bonds because launch, he added.
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