I heard that the CEO is leaving and Sungard is looking for a new leader but is having a hard time finding someone that has the knowledge and trading background to run a firm like Assent. Sungard decided to milk the business when they could not get their asking price. This is probably the time for all those ET posters who tell Bright and all the other firms how to run their business to submit their resume and step to the plate and see if you can do it yourself.
i usually stay away from these threads but when i hear this crap i get pretty angry. you assent guys need to find out if this is legit. if i was part of assent mngt i would clean this up immediately.
RatBoy, Submit your resume. See my above post. Assent is looking to replace Mayer the CEO and you know how to run their business better than they do. Gunn
I've traded with Assent since it was Andover and can tell you I honestly feel they are better run now than ever. Whoever was worried about the costs exceeding the commissions coming in is crazy. This business is a cash cow with all us traders churning. It is my understanding Sungard can't let Assent go because of the positive cash flow Assent adds to the bottom line. Anyone who has ever traded at Assent knows as soon as you take on more risk than your capital affords or lose enough of your risk capital they are going to shut you down. As far as I know there are no pure prop traders at Assent. Assent just closing the doors is not a reality, a sale maybe is possible for this viable business but not a shutdown. Comparing Assent to Worldco is asinine.
I heard the same thing. They can't afford to sell it because of the cash it generates and the bids they got for it were significantly lower than the multiple it has as part of the whole. Sungard's earnings came out and they were not as good as expected. makes a profitable business like Assent worth that much more to them. Now that the decision not sell was made they need to find the right guy to run it. They need someone with experience in running a trading firm and someone with trading experience who understands both sides of the business. Hard to find those guys. Bright does it, Schonfeld does it, Ronnie at Generic does it, Jeff at ETG does it, I think the guys at Echo are traders; not many more that can or do.
I also have worked with Assent since it was andover and am currently there and have never seen it run so smoothly in terms of complience, cost cutting ,etc yes the firm used to spend more in the GO GO days..but now...we dont break pricing to get any traders...the firm is "firm" on commissions, and makes sure every office is viable and profitable. I dont worry about losing my prop bank with the firm using that cash to pay its bills or take shots i know the firm is cash flow positive and all prop traders are being watch and Hawked but 2 differnt levels i also konw many of the other day trading houses named earlier on this board ARE for sale is Assent the best trading firm on the street....prob not are they going bankrupt....def not
As an ex floor brokrer at the NYSE I find it in my advantage to personally see the big players everyday.As the floor goes completely hybrid and we are all losing our jobs we are experimenting with Prop firms.Is there any Prop firms with a contact on the floor for constant comunication through out the day?