Mutual fund shops are teaming up to create a new corporate bond marketplace, one that could rival proposed electronic networks from BlackRock [profile] and Goldman Sachs [profile]. Kirsten Grind and Serena Ng of the Wall Street Journal report that Ameriprise's Columbia [profile], Fidelity [profile] and State Street Global Advisors [profile] are all part of the early discussions.

Columbia Management trading chief Stephen Harasimowicz, SSgA trading chief Chris Rice and PineBridge Investments investment-grade fixed income chief Robert Vanden Assem all talked to the paper for the story.

"Everyone seems to be buying and selling at the same time these days, and the street is not there to cushion that," Vanden Assem said.

"Everything is on the table and any transformation will take time," Rice said. 

Edited by: Neil Anderson, Managing Editor


Stay ahead of the news ... Sign up for our email alerts now
CLICK HERE