Friday, 29 May 2015
Last updated 11 hours ago
Apr 7 2008 | 2:15pm ET
Agency brokerage firm JonesTrading Institutional Services has expanded its offerings to include distressed debt trading.
According to the firm—which sources liquidity from the largest institutions and hedge funds in North America through a network of over 80 sales traders—its 30-year-old equities trading model will now be applied to distressed debt for the first time. The move is aimed at offering clients an alternative to traditional capital intensive or electronic trading mechanisms.
The firm has recruited industry veteran Kerry Stein as managing director to head the new distressed debt group. Stein brings over 20 years of experience in building bond businesses and operations to his new role. Most recently, he was managing director and head of high yield trading at Morgan Joseph & Co. At JonesTrading, he will report to Will Geyer, president and chief operating officer, and will serve on the firm’s executive committee.
“Our review of the current securities industry markets indicates that in these difficult times clients find it more challenging than before to secure alpha and best execution,” says Packy Jones, chairman of JonesTrading.
“Critical to those goals is the ability to construct multi-instrument trading strategies while having an in-depth understanding of markets and market conditions. By deploying the already successful JonesTrading approach in equities to distressed debt, we are able to give clients a more complete package as they execute their strategies.”
May 27 2015 | 2:15pm ET
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