Exoé, Linear Investments and Tourmaline Partners may not be household names but they are quietly reshaping the way asset managers trade. Providers of outsourced trading such as these are enjoying fast-rising revenues and their prospects are sunny. One reason: an opportunity to venture deeper into fixed income from their traditional home of equities trading.

“There are more and more firms talking to us about fixed income and how that would work,” says Chris Hurley, director of institutional