At CAPIS, we put relationships first. We think of our team as a family, which is why it is important for us to not only get to know each member but also shine a spotlight on them. We spoke with Eric Burt, Vice President, Outsourced Trading, who joined CAPIS in 2021. Take a look at our conversation below to learn about why he chose CAPIS after spending time on the buy-side as a trader with Fiera Capital and Ell Capital Management. He discusses some of the biggest challenges and successes he experienced during his career and the pandemic.
[Note: This conversation has been edited for length and clarity.
How did you get involved in trading and CAPIS?
I broke into the business on the operations team at Glickenhaus and Company [a value manager in NYC]. My goal from day one was to move over to the trading desk as I felt that was where the action was, and I wanted desperately to obtain a ticket to the show. I worked towards my licenses and transitioned to the desk, ultimately earning the honor of trading for Seth Glickenhaus himself.
I then transitioned to EII Capital Management. EII was a REIT firm that was predominantly involved in domestic trading when I arrived and had assets of about $3 billion. I became the head trader and a managing director and helped the firm grow into a truly global manager with nearly $15 billion in AUM. I was then hired by Fiera Capital in the summer of 2017 to head equity trading in the U.S. Fiera was in the process of expanding its business into the U.S. from Canada and had purchased several different managers. I worked to synergize those trading desks and develop the U.S. offering.
I signed on with CAPIS last August to assist with the buildout of the outsourced trading desk. I believe that outsourced is the future of buy-side trading and I’m excited to be involved with a fantastic team of talented individuals of the highest integrity.
How has it been transitioning from the buy-side to the sell-side?
The transition has been a smooth one aided by the people at CAPIS. I was tasked with obtaining my licenses all over again since mine expired long ago when I moved from a broker-dealer to an investment advisor. The process was a little onerous since COVID made access to testing centers somewhat sporadic.
Since I’m working on the outsourced buy-side desk there are many similarities with a buy-side seat. I would say the biggest difference is not being deeper in the weeds during the investment decision process. I spent a great deal of time in past roles on the buy-side conversing with PMs and analysts about portfolios and positioning.
Describe training and trading given current gathering limitations?
Trading has been smooth. CAPIS offers a great suite of tools to work orders effectively and efficiently and communication on the desk is top-notch. I don’t think that the pandemic impacted the trading world the way many thought it would. Technology assuaged those concerns and bridged the gap between group desk trading and remote work.
How have you personally managed throughout the pandemic?
The one thing I’ve enjoyed the most during the pandemic is the extra time spent with family and the ability to cook for them and eat together daily. I love to cook. Time around the table together is precious and something that was relegated to the weekends prior to COVID.
I’m also an avid fly fisherman. During this pandemic period and the current work-from-home environment, I’ve been able to spend more time in nature and just reset while fishing.
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For questions or to learn more about CAPIS and Outsourced Trading, please reach out to [email protected].