Lord, Abbett & Co.Customizes Algorithms for a Seamless Execution

Lord Abbett & Co.
90 Hudson St.
Jersey City, N.J. 07302

Assets under management:

Approximately $106 billion in total assets under management as of March 31, 2006.

Fund(s) for which you trade:

I am responsible for overseeing Lord Abbett's equity trading team and activity across all portfolios.

Types of products traded:

The equity trading team is responsible for all domestic and international equity trading across a range of small-, mid- and large-cap stocks for value, growth and core/blend investments.

Daily volume in equities:

On the wrap desk, the average volume that we see is in excess of 1 million shares. And on the desk as a whole, we see 7 to 7.5 million shares per day.

Structure of trading department:

We're a 24-hour global trading desk with 13 traders and one assistant trader. There's one individual in charge of Asian trading directly off the desk in Jersey City and one individual who is trading Europe. We have four individuals who transact business for the wrap or separately managed account (SMA) side of the equation - we're the No. 3 money manager in the wrap arena in terms of assets.

Previous Positions:

I came to the firm as an equity trader in 1983 from Brimberg & Co., where I worked as a brokerage clerk. I have been in the investment business since 1982.

Education:

B.A. in economics from Ohio Wesleyan University.

Commission rates are going to continue to head lower. There is a move toward unbundling led by the folks at Fidelity, and we think that unbundling will take place going forward. All these things are client centric - they allow our clients cheaper access to capital markets, and that's good for all investors. I think you're going to see more internal crossbooks. You've seen a lot of dark crosses - the Pipelines and the Liquidnets. I would assume that the future market structure will not be the duopoly that you read about in the paper. You won't have just the NYSE and the Nasdaq; you'll have more market centers opening based on failed regulations. And the more markets you have competing, the better things will be for the end investor.