Monday, 24 October 2016
Last updated 22 min ago
Jan 14 2010 | 6:50am ET
There is a new prime brokerage player in town. Proprietary trading firm First New York Securities has formed a new unit aimed at servicing asset management firms.
The new unit, EFX Prime Services, will cater to small-to-mid sized hedge funds, providing them with multi-prime trading capabilities, direct market access and capital introduction. The new unit—which begins trading Feb. 1—is being led by Brian Stutman, who recently joined the firm from Lighthouse Prime Services.
“First New York is excited to announce the launch of EFX Prime Services. EFX Prime Services is a natural extension of our premier trading and risk management infrastructure,” said Donald Motschwiller, managing partner. “With over 200 principal traders in all asset classes, we understand trading and have worked with external managers for years.”
In addition to the new prime brokerage unit, First New York is also ramping up its existing EFX Capital platform, which allocates money to both emerging and established hedge fund managers.