Chicago-based mini-prime brokerage Gar Wood Securities has hired an industry veteran to lead the expansion of its capital introduction business.
John McCorvey has been named senior vice president of global prime brokerage at the firm. He joins from Direct Access Partners, where he served as a senior adviser of global prime services. He also worked at hedge fund administrator MadisonGrey.
“Gar Wood is committed to its client-centric approach, consistently delivering high-touch client service across all facets of our business,” CEO Bob Jersey said. “We are very pleased to have John join our team and we look forward to the added value that this strategic move brings to our clients.”
“The industry is changing rapidly and the prime brokerage service platform is evolving as well,” McCorvey said. “There have been a number of mini-prime mergers, acquisitions and closures recently as some of the larger investment banks have moved into the mid-tier space.
“Additionally, clearing firms have also culled their introducing prime brokerage relationships. Given the current climate, we believe the smaller hedge funds are being underserved. Our goal is to fill the void created by these market changes and provide an institutional-quality global prime solution for the small hedge fund universe.”