Source: Rosenblatt Securities
Rosenblatt Securities announced that Jay Indovino, a longtime veteran of the institutional brokerage business, has joined Rosenblatt as a managing director.
Previously, Jay was the President of Sungard Institutional Brokerage (a division of Sungard Data Systems) for five years until 2006 when Sungard was acquired by Silver Lake Partners and other private equity firms. Prior to that, Jay spent nearly fifteen years with Bridge Information Systems, managing its $150 million institutional brokerage unit, Bridge Trading Co., for his last five years there. Jay will be located in St. Louis for Rosenblatt.
Dick Rosenblatt, CEO of Rosenblatt Securities and one of six Executive Floor Governors of the NYSE, said, "We are delighted to bring someone of Jay's caliber onto our team. The senior management roles he has played at other institutional firms not only included running entire brokerage units and trading desks/floors, but also launching new business units such as a research group at Sungard and growing revenues from new account acquisitions and managing existing account relationships. These diverse experiences and Jay's overwhelming success in pursuing them make Jay a perfect fit for Rosenblatt Securities. Having spent the last several years investing heavily in our infrastructure and trading platform, it is in the wonderful, talented people we have attracted in whom we take the greatest pride. Someone like Jay will be able to help us to grow in new directions, leveraging our expertise, but at the same time ensuring that we have the depth to manage that growth without sacrificing any of the quality that our customers expect from us, and by which we define ourselves."
Joe Gawronski, President and COO of Rosenblatt Securities, added that, "I am excited to have Jay on board for two reasons. First, although Jay has relationships all over the county and world, he brings an on-the-ground presence for us in the Midwest for the first time. With headquarters in New York, a European subsidiary launched in Dublin in 2002, and two senior west coast hires in the past two years (Seattle and San Francisco), the Midwest was overdue. Second, Jay has been a successful manager in areas where we are experiencing significant growth. Specifically, Jay has vast experience managing large scale soft dollar brokerage operations at Bridge and Sungard. That experience will be invaluable as Rosenblatt has seen greater demand for unbundling in the form of CSAs over the past year while launching its own program as well as administering traditional soft dollar programs. Similarly, the demand for international trading capability from our customer base has been heating up and our Dublin activities have to date been limited to providing US execution services to European institutions, and thus Jay's experience managing trading desks in London, Hong Kong and Tokyo will also help Rosenblatt expand its business."
Jay Indovino commented that "Since Sungard was acquired, I have been running a small hedge fund and frankly did not think I would return to the brokerage business because of the challenges the industry has been facing. However, knowing Rosenblatt's reputation first-hand and observing their tremendous growth in volumes and revenues with a unique hands-on, market structurecentered expertise approach, I thought they had the right people, energy and positioning to deal with the challenges facing the brokerage industry and the growing complexities of the market."
Joe Sangimino, a managing director at Rosenblatt, concluded: "Having known Jay for more than 20 years professionally and personally, I am confident that his deep understanding of this business and his creativity will be a tremendous asset to Rosenblatt. Since joining Rosenblatt with my team in the first quarter of this year, I have only gotten more excited about the firm and its ability to innovate and deliver a value-add to the institutional investor community so I am certain that the relationships Jay introduces to the firm will benefit from his association with Rosenblatt as well."