Friday, 26 December 2014
Last updated 2 days ago
Aug 6 2007 | 8:58am ET
If sub-prime had a face at Bear Stearns, it was Warren Spector. And as the Wall Street bank continues to suffer at the hands of the declining sub-prime mortgage market, it has cut ties with the now-former firm co-president, who resigned yesterday.
Spector, who was also seen as a possible successor to CEO James Cayne, oversaw both Bear’s fixed-income business—the firm is the second-largest underwriter of U.S. mortgage-backed securities—and its asset management unit, home to Bear’s two now-bankrupt credit hedge funds. Bear, buffeted by sub-prime woes, has seen its share price drop by a third this year.
Spector’s former co-president, Alan Schwartz, was named sole president, while CFO Samuel Molinaro succeeds him as chief operating officer. Jeffrey Mayer, co-head of fixed-income, takes Spector’s place on the firm’s executive committee.
Dec 1 2014 | 10:21am ET
As 2014 winds down, Northern Trust Hedge Fund Services executives took some time to share their outlook on trends facing the industry in 2015. Read more…
Jeff Sprecher was simply looking for a platform to trade energies when launching ICE 14 years ago but it has grown to reach the pinnacle of both the listed futures and equities world.