A global equities trading team formerly with broker-dealer Rodman & Renshaw has moved to Wall Street Access, an institutional brokerage firm with offices in New York and Tinton Falls, New Jersey.
The new team will expand the firm's offerings to include market making for the first time in its history, the company said.
The 12-person team, led by Dana Pascucci, who is a veteran sales trader in the business for more than 15 years, left Rodman & Renshaw following the firm's transition to a new business model. According to media reports, Rodman & Renshaw changed its name in May to focus on developing financial technology applications operating the DirectMarkets platform. A Reuters story on Sept. 12 reported that the parent company Direct Markets Holdings said its broker-dealer unit informed the Financial Industry Regulatory Authority that the unit was no longer in compliance with regulatory capital rules and would cease conducting its securities business.
"Financial services firms are challenged right now, with many ultimately being forced to either restructure or exit the business," stated Sean Kelleher, president of institutional sales and trading at Wall Street Access, in today's announcement. "In this environment, we are extremely pleased to bring on Dana and his experienced team. They allow Wall Street Access to better serve clients and expand our offering with market making that enables us to trade globally in various marketplaces around the world."
When searching for a new home for the team, Pascucci said, "It was important to find a place with a strong belief in establishing and maintaining client relationships, while offering a suite of execution services. In addition to meeting these requirements, Wall Street Access has maintained a strong balance sheet through the turbulent times the industry has faced in recent years," commented Pascucci in the release. "The only way to stay relevant in this marketplace is to truly understand client needs, offer impeccable customer service, and provide the client with real liquidity and value-add research products. I believe we have the opportunity to do this at Wall Street Access," he said.
Pascucci, now managing director of institutional sales & trading at Wall Street Access, held the same title at Rodman & Renshaw, where he covered U.S. hedge funds, mutual funds, and banks. Previously, Pascucci held senior positions in institutional sales and trading at Hudson Securities, and began his career as an institutional sales trader at Schwab Capital Markets and E*Trade Capital Markets.
Other senior team members include: Vincent Pelosi, SVP of Institutional Sales and Trading; and Dean Esposito, Patrick Clarke, and Gregg Bouwmans, VPs of Institutional Sales and Trading. Team members Joseph Grieco, Matthew Treacy, Thomas Ajello, James Fradella, Rob Trimble, and Keith Knox have also joined. Five of the traders will be based in New Jersey, while the rest will be located in the firm's New York office.
According to Kelleher, Wall Street Access will continue to actively look for new, strategic additions that will help grow the firm. "Wall Street Access has weathered the financial crisis better than boutique competitors," he stated. Citing the firm's entrepreneurial culture and proven history of successfully integrating new businesses, he said the firm "can add A-plus players with strong institutional relationships and create a brand in high-touch trading in the fragmented small/mid-cap space."