Bear Stearns Announces Key Additions to Prime Brokerage Sales Force
NEW YORK--(BUSINESS WIRE)--Bear, Stearns & Co. Inc., a leader in prime brokerage 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 relationships; Joseph Aurilio, a managing director and Ted Post, an associate director, will focus on new business development.
"Bear Stearns 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.
Mr. Aurilio joins from UBS 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: BSC) 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, 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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