Jon Bass has been named global head of institutional sales at the futures broker MF Global Holdings. The appointment follows some bad news for the broker from Standard & Poor’s which last week downgraded MF Global’s long-term issuer credit rating to the lowest investment grade (from “BBB” to “BBB-“).
The ratings agency said it expected the firm to “continue to maintain adequate capital and liquidity and for it to only modestly increase its credit and market risk as it continues management’s planned evolution into a broker-dealer business model.”
On the subject of that evolution, Corzine recently told the Financial Times that MF Global was “encouraged but hardly satisfied with the progress to date.”
Hiring Bass, according to Corzine, reflects the company’s “strategic commitment to better segment our distribution activities, sharpen our client focus, and deliver our portfolio of products to institutional clients globally.”
Bass will work with MF Global Holdings’ various product lines, including commodities, equities, fixed income and foreign exchange. He comes to the broker from BTIG, where he was global head of fixed income. Prior to that, Bass headed US fixed income distribution for UBS and served on the UBS Investment Bank Board. Bass also worked almost 14 years in fixed income as a managing director at Salomon Brothers/Citigroup.