Rochdale Securities has launched a fixed income group and may open a New York office for its growing team before the end of the year.
The Stamford, Conn.-based firms fixed income team will be lead by Michael Glover, Brandon Dunn and Brett Houghton, it said today.
Glover was the global head of securitized products sales and a fixed income operating committee member at Lehman Brothers. He also worked in structured finance sales for JPMorgan. Dunn was most recently the head of U.S. structured products sales for UBS. He also worked in fixed income for JPMorgan and Deutsche Bank. Houghton most recently headed the ABS trading desk at Lehman Brothers. He also served as a managing director in charge of asset management with Aon Benfield Securities.
The fixed income group could reach a total size of between 15 and 18 people by the end of the year, according to Rochdale COO Kevin Cassidy. He said that in addition to the Stamford headquarters, the firm has an office in Red Bank, N.J. and might open an office in New York as well. The firm decided to go into fixed income to build on its success as an equity broker and because it is an opportune time to enter the market, Cassidy said.
Rochdale Securities was founded in 1975 and focuses on brokerage services to institutional clients.