|JANUARY 19, 2005|
|Knight Trading Group to Offer Outsourced Portfolio Financing Services to Hedge Funds Through S3 Asset Management|
JERSEY CITY, N.J., Jan 19, 2005 /PRNewswire-FirstCall via COMTEX/ -- 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.
SOURCE Knight Trading Group, Inc.
Margaret Wyrwas, Senior Managing Director, Corporate Communications & Investor Relations, +1-201-557-6954, firstname.lastname@example.org, or Kara Fitzsimmons, Vice President, Corporate Communications, +1-201-356-1523, email@example.com or Greta Morley, Assistant Vice President, Marketing Communications & Public Relations, +1-201-557-6948, firstname.lastname@example.org, or Molly McDowell, Analyst, Corporate Communications & Investor Relations, +1-201-356-1723, email@example.com, all of Knight Trading Group; Charlotte Luer, of LJH Financial Marketing Strategies, +1-239-280-1317, firstname.lastname@example.org, for S3 Asset Management