First New York Jumps Into Prime Brokerage Game

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.


In Depth

GSAM’s Papagiannis on Liquid Alternatives

May 25 2016 | 5:07pm ET

The popularity of liquid alternatives strategies has blossomed in recent years,...

Lifestyle

From Modern Trader: Stephen Curry is a Black Swan

May 18 2016 | 7:43pm ET

What do the rise of the Internet, the sinking of the Titanic, 9/11, and Stephen...

Guest Contributor

LendingClub and the Question of Internal Hedge Funds

May 19 2016 | 8:42pm ET

Peer-to-peer lending platform LendingClub Corp. has been in the news since the firm...