Privately-owned order management systems vendor Macgregor is reporting a 32% rise in revenues for 2002, with 18 new OMS clients and FIX-generated revenues from existing accounts fuelling growth.
As a private company Macgregor is not obliged to divulge hard data, but the 32% rise in earnings last year is down from the 50% growth the company reported for 2001, suggesting a tougher market.
Along with three new hedge fund customers, Macgregor signed 15 new institutions in the US and Europe (equalling the 15 new accounts signed in 2001) including M&I Investment Management, Harris Associates, Chicago Equity Partners, State of Michigan, Royal London Asset Management and Mellon Capital Management.
Sales were also boosted by extended revenue from existing accounts, including 1200 new FIX connections, 500 new users and strong soft dollar revenue generated through Macgregor's Blackwatch Brokerage Inc. subsidiary.