ConvergEx expands institutional clearing business

Source: ConvergEx

ConvergEx Group, a leading provider of global brokerage and trading-related services, today announced that it is significantly expanding its institutional clearing business.

As a first phase of growing the business, ConvergEx has recently completed the build out of its Equities Finance desk. ConvergEx's additional capabilities now include a more robust conduit book; collateral optimization through more extensive securities lending; and offering third-party and in-house locates.

The build out of the Institutional Clearing business is being overseen by new hire Carmen Sturm, managing director, Sell-Side Services. Ms. Sturm comes to ConvergEx from SunGard where she spent the last 13 years. Most recently, she was SunGard Brokerage & Securities Services chief operating officer with responsibility for the institutional clearing business, including operations, sales and stock loan. Ms. Sturm reports to Barclay Frey, managing director and co-head of Sell-Side Services at ConvergEx Group.

To manage the day-to-day operations of the new services, the following individuals have joined the Equities Finance desk. All report to Ms. Sturm:

• John Nacincik, senior vice president and head the ConvergEx Equities Finance desk. Mr. Nacincik comes to ConvergEx from Knight Capital. Prior to that, he spent 24 years at UBS and five years at SunGard where he set up their equities finance solution, including a locates business.

• Karen deStefani, vice president. For five years at SunGard, Ms. deStefani ran their large conduit book and supported the locates business. She was also with UBS for 20 years running their conduit book and ADR/ETF securities lending businesses.

• Darryl Cooke, vice president. Mr. Cooke's experience includes more than 15 years at firms such as Charles Schwab and UBS in securities lending operations as well as Knight and SunGard where he spent four years at the latter in equities finance sales.

Thirty-year industry veteran Ray Delgado and his colleague Marcella Broughton remain in their positions on the desk.

"We continually invest significant capital and resources so that we can deliver a comprehensive range of solulutions that meet the changing needs of our broker-dealer clients," said Joseph M. Velli, chairman and chief executive officer of ConvergEx Group. "We believe our clients will benefit greatly from this latest offering and from the talents of these respected industry veterans."

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