SageTrader LLC, a San Francisco-based broker-dealer, has hired a New York-based sales team formerly with ED&F Man Capital Markets, to expand into the mid-sized proprietary trading and hedge fund market.
The New York group includes Sean Malloy, who will serve as SageTrader’s head of sales and Matt Shatz who joined SageTrader as the global head of clearing and execution.
Malloy was previously SVP, head of sales and Trading at EDF& Man Capital Markets. Prior to that, Malloy was the head of sales for Penson Worldwide, and previously was co-head of sel-lside transaction sales at NYFIX, where he worked on business development for NYFIX Millennium.
Shatz was the former global head of execution and clearing at EDF & Man Capital Markets, which he joined in February of 2012. Previously, Shatz was global head of electronic sales and trading at MF Global Holdings Ltd. , and prior to that, was head of institutional sales for the North American equities division at Newedge Group, where he built the firm’s high frequency trading business.
SageTrader, LLC was formed in 2012, as the operating subsidiary of Sage Brokerage Holdings, LLC, which was founded by Doug Engmann, a 35-year pioneer in the brokerage and trading industry.
"Matt and Sean have been industry leaders for many years in the electronic trading and clearing arenas. We were fortunate to be able to offer these professionals and their customers a home,” stated Engmann, who was co-founder of Sage Clearing Corp. and after its acquisition by ABN AMRO, Engmann was CEO of the ABN AMRO’s global professional trading and clearing operations.
“Their business mirrors what we are building at SageTrader, cost effective and service oriented execution and clearing for mid-sized proprietary traders and hedge funds trading options, equities and futures, including portfolio margin accounts," said Engmann, who previously was head of North American equities for Fimat/NewedgeUSA where he pioneered portfolio margining for the US securities industry from 2005-2007.
“The history and experience of the team that Doug Engmann has put together gives our clients a clear advantage in a competitive environment,” commented Shatz in the release. Sage Trader offers the Sage System for reporting, clearing, margin and risk software, which was utilized by both Sage Clearing’s options market maker clients and Fimat/Newedge portfolio margin customers, according to the release.
According to Malloy, with the quality of the Sage Systems and the team, SageTrader is looking” to fill a void in the professional trading and small to mid-size hedge-fund market.”
The firm clears accounts through Merrill Lynch Professional Clearing Corp., a division of Bank of America Merrill Lynch and Wedbush Securities, Inc. SageTrader will also introduce futures accounts to ED&F Man Capital Markets, Inc.