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PALOMA LAUNCHES AGENCY LENDER

 COS COB, Conn., July 9 /PRNewswire/ -- In a significant move for the securities lending industry, Paloma Partners LP, the New York-based investment partnership, has established an agency lender: Boston Global Advisors. The new firm will be headed by four experienced securities lending professionals formerly of State Street Bank and Trust: Chris Donovan, Bonnie Hammerl and Steve Sexeny, all directors, and William Conley, manager of trading.
 Boston Global Advisors is a division of Paloma Securities LP, a US broker-dealer owned by Paloma Partners and located in Cos Cob. Paloma Partners also owns London Global Securities, a leading securities lending intermediary with offices in Europe, the US and the Far East.
 "There has been a growing demand for London Global Securities to provide mutual funds and pension funds with consultancy and agency lending services," said John DiRocco, managing director of Paloma Securities and co-managing director of London Global Securities. "The opportunity for Paloma to hire a high-caliber team from one of the leading international lenders coincided with this demand. This is a very exciting development for us all."
 Mike Hiard, co-managing director of London Global Securities, added: "While this area of the business was a natural extension of Paloma's commitment to the securities lending marketplace, we all agreed that the new operation should be established as a separate entity, distinct from London Global's mainstream business."
 Mr. DiRocco said that the new group will provide agency lending services directly to pension and mutual funds and to those global custodians who do not have their own international stock loan programs. The addition of Boston Global Advisors gives Paloma capability in all aspects of securities lending: agency lender, principal intermediary and direct borrower, he said.
 Regarding the need for agency services, DiRocco added: "There has been some concern in the market about conflict of interest when custodians take the dual role of advising funds and acting as agency lenders. One niche for the new company will be to provide agency lending services to these custodians."
 -0- 7/9/93
 /CONTACT: John DiRocco of Paloma Securities LP, 203-625-3100; or Mike Foy of MJF Advertising and Marketing Services Limited, in London, 44-71-823-3833, for Paloma Securities LP/


CO: Paloma Partners LP ST: Connecticut, Massachusetts IN: FIN SU: PDT

LR -- NY017 -- 9822 07/09/93 10:01 EDT
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Publication:PR Newswire
Date:Jul 9, 1993
Words:379
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