Albert Fried & Company opens new prime lending division
18 January 2013 New York
Image: Shutterstock
The firm currently provides prime brokerage and clearing, execution, trading services and trading technology, and commission management and top-level research.
It is marrying securities lending and prime services so that it can provide them to hedge funds, traders and other buy-side clients.
In a statement, Anthony Katsingris, COO of Albert Fried & Company, said: 鈥淸Our firm鈥檚] prime lending services division will provide clients with direct securities lending market access as well as customised prime brokerage services. Clients will benefit with a unique transparent view of the securities lending market.鈥�
Albert Fried, the firm鈥檚 CEO, added that the new division will provide clients with direct securities lending market access as well as customised prime brokerage services. 鈥淐lients will benefit with a unique transparent view of the securities lending market,鈥� he said.
Albert Fried & Company has hired Vincent Avena and Paul Stegmann as managing directors of the new division.
Avena was previously managing director of securities lending at BNP Paribas, while Stegmann joins Albert Fried from Credit Agricole, where he did the same job.
The pair will work with Gerard Losurdo, the firm鈥檚 current managing director of securities lending.
鈥淢any firms need securities lending representation but do not want the cost of building and maintaining a full-time securities lending operation,鈥� explained Losurdo. 鈥淸Our firm鈥檚] prime lending services [division] will provide clients with a customised, top-notch securities lending department when and where it鈥檚 needed. In addition to providing transparency, this new standalone securities lending facility will provide clients with complete anonymity for borrowing or lending in the securities lending market.鈥�
Katsingris said: 鈥淲e鈥檙e delighted to partner with Avena and Stegmann to expand our existing infrastructure. We continue to make a deliberate effort to recruit exceptional individuals with deep product and market knowledge to our team. The addition of their collective talents and relationships will prove invaluable in building and executing on our longer term goals in prime services.鈥�
Avena said that 鈥渟ecurities lending will drive the prime brokerage business rather than the prime brokerage driving securities lending鈥� in the new division.
Stegmann added: 鈥淭his is a great opportunity to bring securities lending expertise and transparency to market users who have been underserved in this area. In addition to our core strength in domestic and international lending, the division will offer clients the added benefit of access to alternative financing. This will be particularly important once Dodd-Frank [the US act] and Volcker rules fully take effect.鈥�
It is marrying securities lending and prime services so that it can provide them to hedge funds, traders and other buy-side clients.
In a statement, Anthony Katsingris, COO of Albert Fried & Company, said: 鈥淸Our firm鈥檚] prime lending services division will provide clients with direct securities lending market access as well as customised prime brokerage services. Clients will benefit with a unique transparent view of the securities lending market.鈥�
Albert Fried, the firm鈥檚 CEO, added that the new division will provide clients with direct securities lending market access as well as customised prime brokerage services. 鈥淐lients will benefit with a unique transparent view of the securities lending market,鈥� he said.
Albert Fried & Company has hired Vincent Avena and Paul Stegmann as managing directors of the new division.
Avena was previously managing director of securities lending at BNP Paribas, while Stegmann joins Albert Fried from Credit Agricole, where he did the same job.
The pair will work with Gerard Losurdo, the firm鈥檚 current managing director of securities lending.
鈥淢any firms need securities lending representation but do not want the cost of building and maintaining a full-time securities lending operation,鈥� explained Losurdo. 鈥淸Our firm鈥檚] prime lending services [division] will provide clients with a customised, top-notch securities lending department when and where it鈥檚 needed. In addition to providing transparency, this new standalone securities lending facility will provide clients with complete anonymity for borrowing or lending in the securities lending market.鈥�
Katsingris said: 鈥淲e鈥檙e delighted to partner with Avena and Stegmann to expand our existing infrastructure. We continue to make a deliberate effort to recruit exceptional individuals with deep product and market knowledge to our team. The addition of their collective talents and relationships will prove invaluable in building and executing on our longer term goals in prime services.鈥�
Avena said that 鈥渟ecurities lending will drive the prime brokerage business rather than the prime brokerage driving securities lending鈥� in the new division.
Stegmann added: 鈥淭his is a great opportunity to bring securities lending expertise and transparency to market users who have been underserved in this area. In addition to our core strength in domestic and international lending, the division will offer clients the added benefit of access to alternative financing. This will be particularly important once Dodd-Frank [the US act] and Volcker rules fully take effect.鈥�
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