Deals
Tech Firm Serving Hedge Funds Shows Perils in Money-Losing IPOs
- Liquid Holdings flounders despite Wall Street connections
- Manager who leased software says he got $1 million to trade
Richard Schaeffer. Photographer: Michael Stewart/Getty Images
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Brian Ferdinand, a young financier who once managed 400 day traders from lower Manhattan, saw opportunity in the thousands of small hedge funds eager to make it big. Offer them a trading platform and free software, he thought, and then charge them for each trade. He founded a company, eventually pulling in former executives from UBS, Nymex and Goldman Sachs, to cash in on this combination of Wall Street and cloud computing.
It didn’t work out that way.