Bear Stearns Announces Key Additions to Prime Brokerage Sales Force.NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- Bear, Stearns & Co. Inc., a leader in prime brokerage Prime Brokerage A special group of services that many brokerages give to special clients. The services provided under prime brokering are securities lending, leveraged trade executions, and cash management, among other things. services, today announced three recent hires as part of an ongoing expansion of its global prime brokerage franchise. Douglas C. Stern, a senior managing director and industry veteran, will help manage the prime brokerage sales team focused on the firm's largest hedge fund hedge fund, in finance, a highly speculative, largely unregulated investment device. Originating in the 1950s, the funds "hedge" by offsetting "short" positions (borrowing a security and then selling it at a higher price before repaying the lender) against "long" relationships; Joseph Aurilio, a managing director and Ted Post, an associate director, will focus on new business development. "Bear Stearns The Bear Stearns Companies, Inc. (NYSE: BSC) is the parent company of Bear, Stearns & Co. Inc., one of the largest global investment banks and securities trading and brokerage firms in the world. Prime Brokerage Services offers clients the best products and service by top professionals in the business," said Louis Lebedin, head of Prime Brokerage Services. "These additions to our staff will add terrific value to our franchise and will help us to provide clients with more world-class products and capabilities." The strength of the prime brokerage franchise contributed to record revenues for Bear Stearns' Global Clearing Services division for the third quarter of 2007. Douglas Stern, who has 23 years experience in institutional sales and prime brokerage services, joins from Morgan Stanley's prime brokerage unit, where for seven years he was responsible for managing relationships and developing business with some of that firm's largest clients. He also managed a team responsible for newly launched hedge funds. Mr. Stern holds a B.A. in Economics from St. Lawrence University St. Lawrence University is a private, four-year liberal arts college located in the village of Canton in Saint Lawrence County, New York. Founded in 1856, it is the oldest coeducational university in the state of New York. . Mr. Aurilio joins from UBS UBS Union Bank of Switzerland UBS United Bible Societies UBS United Blood Services UBS United Buying Service UBS Used Bookstore UBS University Business Services UBS Universal Building Society (UK) UBS Ulaanbaatar Broadcasting System where he was a technology and electronic trading specialist, working with prospects and existing clients. Mr. Aurilio received a B.A. in Economics from Trinity College. Mr. Post joins from Banc of America Securities where he was responsible for selling prime brokerage and equity derivative products to hedge funds and financial institutions. Mr. Post received a B.A. in Economics from Duke University. These latest hires in New York come on the heels of three appointments in the UK as Bear Stearns strengthens its prime brokerage franchise globally. Those hires included Paul Brannan, Head of Prime Brokerage, Europe, James Shekerdemian, Head of Sales for Prime Brokerage, Europe and Andrew Jamieson, Head of Equity Finance, Europe. They are responsible for building on the firm's existing European prime brokerage business. In the 2007 Global Custodian Prime Brokerage Survey, Bear Stearns was ranked the No. 3 prime broker globally and was awarded 50 out of a possible 72 "Best in Class" awards. In the latest Lipper HedgeWorld Prime Brokerage survey, Bear Stearns was the leading prime broker by assets for U.S. hedge funds and the No. 2 prime broker for the largest non-US funds. Bear Stearns Founded in 1923, The Bear Stearns Companies Inc. (NYSE NYSE See: New York Stock Exchange : BSC (Binary Synchronous Communications) See bisync. ) is a leading financial services firm serving governments, corporations, institutions and individuals worldwide. The Company's core business lines include institutional equities, fixed income, investment banking, global clearing services, asset management, and private client services. Headquartered in New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. , the company has approximately 15,000 employees worldwide. For additional information about Bear Stearns, please visit the firm's web site at www.bearstearns.com. |
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