ProShares Names Sachs Head of Capital Markets
December 12, 2011
ProShares, the fifth-largest provider of exchange-traded funds in the U.S., has created a new post, head of capital markets, and named Stephen Sachs to the position.
Sachs, who was most recently with Diamond Hill Capital Management, will oversee ProShares' Capital Markets Group. He reports to the head of ProShares' Strategy Group, Steve Cohen.
"Few people have the deep level of understanding of ETF mechanics and market microstructure as Steve Sachs," said Michael L. Sapir, chairman and CEO of ProShare Advisors, the company's investment advisor unit. "His experience, along with the strong relationships he brings, will be of significant value as ProShares continues to expand its lineup of alternative ETFs."
Russell Taps Gallucci to Lead U.S. Index Sales
Russell Investments has appointed Michael Gallucci regional director for U.S. structured products and sell-side firms, a new position in which Gallucci will help market and sell existing, new and custom Russell products and capabilities.
Gallucci joined Russell in late November, and is based in the New York office. He reports to Mark Sutter, director of U.S. sales for Russell Indexes.
"With the incredible market volatility and investment challenges our clients continue to face, they are asking for high-quality tools and strong partnership in structured products," Sutter said. "Michael brings a deep background and knowledge in indexes and structured products, along with a strong foundation of structured products industry relationships on which to build."
Gallucci was previously with Standard & Poor's for 16 years, most recently as senior sales director for S&P Index Services. During his tenure, he worked in divisions covering commodities, mutual funds, equities and indexes. In his latest role, Gallucci managed global relationships for leading investment banks and licensing of ETF sponsors domestically.
Easthope Rejoins Celent's Securities Division
David Easthope has rejoined research and consulting firm Celent as director of the securities and investment group, based in San Francisco.
Easthope is an expert in global financial exchanges, market structure, advanced trading technology and North American retail brokerage.
Previously, he was director of strategy at Charles Schwab.
In his new role, Easthope will focus on themes of strategic importance in the capital markets and retail brokerage sectors, including the evolution of market structure, the development of advanced and algorithmic trading and new platform and product innovations.
"The whole team is delighted to welcome David back to focus on our capital markets agenda," said Mayiz Habbal, senior vice president of the securities and investments group. "Celent is committed to expanding our securities and investments coverage, and David brings a wealth of experience and expertise to our growing practice."
BNY Adds Floor Trader to Wealth Advisory Team
BNY Mellon Wealth Management has appointed financial services veteran Ron Bruder managing director of a growing team of advisers to ultra-high-net-worth families and family offices. Bruder is based in Los Angeles and reports to longtime company executive Ridgway Powell, who was tapped last month to lead the team.
Bruder was formerly director and vice president at Goldman Sachs where he managed main floor operations of designated primary market makers on the Chicago Board Options Exchange. Prior to that, Bruder held progressively responsible executive investing and trading roles, from partner to CEO. He has more than 25 years of financial services experience.
The appointment is the latest in a string of staff announcements and actions to bolster the firm's wealth management unit. Last month, BNY Mellon announced the opening of a new office in Washington, its first in the nation's capital, as part of a push to be in the nation's top 10 wealth markets.
Commenting on the company's recent wealth management efforts, Powell said in a statement: "Comprehensive wealth management services and deep expertise across a range of investment vehicles are critical as clients navigate an increasingly complex investment environment."
UBS Hires BoA Adviser Mitchell in New York
UBS Wealth Management Americas has hired Bank of America Merrill Lynch financial adviser Barry Mitchell in its New York office.
Mitchell previously had $290 million in client assets under management and $1.9 million in annual fees and commissions.
Mitchell has been registered with UBS since Nov. 17, according to his public registration records at the Financial Industry Regulatory Authority, and had been employed at Merrill Lynch since September 2003. Mitchell serves as senior vice president of investments at UBS, reporting to branch manager Dan Shepler. He is based out of UBS's office at 299 Park Avenue.
Neuberger Berman Puts Analyst Abbasi on Leave
Neuberger Berman has placed Fayad Abbasi, an analyst at the center of a federal insider-trading probe, on paid leave. However, a Neuberger Berman spokesperson told The Wall Street Journal that the company was unaware of Abbasi being named in the investigation.
Also implicated are two executives, yet to be named, at hedge funds Diamondback Capital and Level Global Investors.
A year ago, the Federal Bureau of Investigation announced its probe into public employees sharing inside information with hedge and mutual funds. Level Global shut its doors shortly after, and Diamondback is cooperating with authorities.