Tourmaline Partners, an outsourced trading solutions firm, has opened a Dallas office — its first geographic growth since the COVID-19 pandemic hit the U.S.
The global firm opened a Dallas office after an increase in demand, calling the city the “financial hub” of the region, said Tourmaline CEO Aaron Hantman.
“We’ve seen a strong demand for our version of an unconflicted buy-side trading expertise throughout the country and really globally,” Hantman said. “I feel like the Dallas investment community will be attracted to the full 100 percent outsourced solution we provide, and also the supplemental services we provide.”
Outsourced trading solutions firms act as quasi-buy-side trading desks. Clients in Dallas could include anyone with institutional buy-side trading needs, such as private equity firms, registered investment advisors, endowments or foundations, among others.
Tourmaline also hired Keir Collins to lead the Dallas office, though Hantman didn’t disclose how many more employees the company would be hiring in the city. He said they hire to meet growth demands, rather than setting goals. Globally, the company employs 50 individuals, 25 of which work at the U.S. headquarters in Stamford, Connecticut. Hantman said Tourmaline has grown 100 percent, from a hiring perspective, over the past three years.
The trading solutions firm also trades close to $2 billion notionally, or in product, each day, Hantman said. He added the company works with about 400 clients globally, and over 10 in Dallas, currently. Tourmaline is one of the largest, if not the largest, independent outsourced trading solutions company, the CEO said.
Outsourced trading firms can also measure success by client retention and geographic growth, Hantman said. Tourmaline currently operates out of a Europe headquarters in London, an Asia headquarters in Sydney and four U.S. offices, in addition to Dallas.
COVID-19 has posed some challenges for the company, as hiring and onboarding is more difficult remotely, the chief executive said, and geographic growth has been delayed. However, he added that at the same time, the firm has built stronger relationships with existing clients.
“For us to be in Dallas, and to make it that first venture during COVID, means we have a big commitment to it,” Hantman said.