BTIG expanded its prime brokerage group, which will now offer fixed-income services such as trading and portfolio financing.
The expansion comes after the launch of BTIG’s global fixed-income group in February. The group focuses on sales and trading of credit products across the credit market, ranging from investment grade to distressed debt.
According to Justin Press, managing director and co-head of prime brokerage, BTIG had developed a “huge fixed-income trading presence” by hiring Jon Bass and John Pursell as co-heads of global fixed income.
Over the past 90 days, 60 people have been hired to the trading desk, with plans to add another 30 to the team of experts.
Before the expansion, BTIG’s prime brokerage covered equity and equity options. The move to fixed income was done to better meet the needs of hedge fund clients.