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Weeden Andrew Formato

Weeden Prime Services Iaunches outsourced trading services


Weeden Prime Services, a prime brokerage service provider for hedge funds and family offices, has expanded its operations to include an outsourced trading services desk.

Joining Weeden Prime are industry veterans Patrick Connors, Dan Lilly and Eric Savitz.
Connors and Lilly are pioneers in the outsourced trading industry, founding Greenwich Prime Trading as managing members in 2001.
Savitz joined Greenwich Prime Trading the following year in June 2002 following in his father’s footsteps. His father, Barry Savitz, is considered the founder of outsourced trading and established the first outsourced desk at Furman Selz in 1993.
“Our 20 plus years of experience in outsourced trading and Weeden Prime’s outstanding offering to emerging and middle market hedge funds make a very powerful combination in the prime brokerage industry,” says Connors.
Connors brings 25 years of trading experience to the firm. Throughout his career, Connors has been focused on trading strategies for emerging and medium sized managers on a global basis.
Lilly brings more than 20 years of experience to the firm. He has directly interfaced with clients focused on income and dividend strategies.
“The addition of outsourced trading to the Weeden Prime platform offers an incredible opportunity to investment managers. We look forward to helping Weeden Prime continue to differentiate itself from the competition,” says Lilly.
Savitz brings 20 years of trading experience.
Weeden Prime’s outsourced trading desk is designed to replicate the trading infrastructure and services needed by today’s buy-side money managers. A concentrated solution to replace the need to pay the increasing fixed costs associated with internal trading operations.
“Many of our clients have been attracted to the firm’s ability to provide institutional level services including; custody and clearing with top tier counterparties; high-touch proactive account coverage; real-time proprietary risk systems and reporting, capital introductions and now an experienced team of outsourced traders,” says Andrew Formato (pictured), president of Weeden Prime Services.

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