Wed, 20/05/2009 - 07:22
JonesTrading Institutional Services, a brokerage providing institutions with block trading, has hired a derivatives team.
Mark Neuman will be a managing director in the firm's New York City office. Neuman was most recently at Susquehanna International Group in New York. Prior to this, he was a partner at Kaia Investment Management and also spent nine years as a senior producer in derivative sales at Merrill Lynch.
Rich Breitenecker will head JonesTrading's derivatives agency trading desk which will provide execution services in the derivatives markets. Breitenecker was most recently a senior producer with Barclays and prior to that was a producing derivatives salesman at Lehman Brothers and Merrill Lynch. Breitenecker began his career in Japan as a proprietary derivatives trader with Cresvale Securities. He will begin employment with JonesTrading on 1 June.
Chris Rich will take on the position of head options strategist while also supporting the derivatives agency trading desk. Rich was formerly senior options strategist at Newedge Group in Chicago and prior to that was principal at Rich Advisory Group. He brings 25 years of options experience in analysis, trading and sales.
In addition, Jeff Smoke of JonesTrading has moved from the firm's office in Orlando, Florida to the Chicago office to help run day to day business operations. Prior to working at JonesTrading, he traded derivatives at Equitec Proprietary Markets.
Packy Jones, JonesTrading's chairman (pictured), says: "JonesTrading's agency model enables clients to trade without the conflicts of interest inherent in capital providers. JonesTrading aligns solely with the client interest of receiving unbiased idea generation and execution advice. This is extremely important in the derivatives space given the wider spreads, complex execution alternatives, and greater market inefficiencies. This 'high touch' approach in listed derivatives products will be an excellent complement to JonesTrading's current equity and debt business and provide an enhanced ability to service institutional clients. We look forward to bringing clients the benefits of the JonesTrading model in these instruments and in continuing to build out our franchise."
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