Ardent Financial launches as a new global securities dealer
Ardent Financial Limited has launched as a new global securities dealer to provide discrete and efficient execution and liquidity to the institutional market.
The London-based firm trades bonds and reorganised equities in credit markets across Europe, the US, and select Emerging Markets, including Latin America. It provides clients with two-way markets in event-driven corporate and financial credits and has already onboarded a number of European and US institutional clients.
In contrast to many traditional brokers, Ardent is capitalised with institutional-quality permanent equity, allowing it to provide firm markets and liquidity with its proprietary balance sheet to a broad base of global credit investors.
Ardent has a highly experienced board of directors and senior management team, with an average of over 20 years’ experience each in global credit markets. The firm’s philosophy and process has been developed and refined over several credit cycles, with an emphasis on identifying investment situations that may be exceptionally mispriced.
Alongside the systematic identification of event-driven credits across a range of performing, stressed and distressed situations is active fundamental monitoring and dynamic secondary trading. Ardent’s disciplined approach is supported by a strong focus on a core list of credits where the firm performs comprehensive analysis.
Explaining why he felt now was the right time to launch a new securities dealer, Ardent’s CEO, Peter Chung, says: “The continuing decline of well-resourced and seasoned dealers over the past decade has opened up a unique opportunity for us to enter and serve our clients in the global markets. Credit markets have historically been exposed to volatility in other asset classes. This volatility continues today, especially following the explosive growth in investment grade and high yield bond issuance and related indenture deterioration. This has led to many heavily leveraged corporate balance sheets, with unsustainable capital structures.”
Commenting on the launch, a US Buy-Side head says: "Peter has built an incredible reputation over the years with buy-side clients that recognise his ability to add value and differentiate himself from others. He has created a unique franchise whose success is primarily driven by focus on credit selection, liquidity, knowledge of credits, discretion and loyalty, among others. I have no doubt in Peter's ability to hit the ground running and succeed with his new firm, and anxiously look forward to having a veteran like him back in the market again."
A European Buy-Side head trader adds: “For the past five years, Peter has been an invaluable business partner. Not only does he display a unique ability to identify interesting investment opportunities, but he is an extremely trusted and reliable source of liquidity, enabling the entry and exit of positions on a large scale in the most discreet and efficient manner. I am very excited for Peter's return to the marketplace.”