Wells Fargo Securities has announced that it has formed a new Client Trade Services group within Wells Fargo Securities’ Markets division.
Dan Thomas, a long-time Wells Fargo senior leader, was named head of Client Trade Services, reporting to Tim Mullins and Walter Dolhare, co-heads of the Markets division. The firm also announced that Eamon McCooey will be joining the group as head of Prime Services. McCooey will be based in New York City and report to Thomas.
Client Trade Services consists of Prime Services, OTC Clearing, Futures Clearing and Execution, and Funding and Liquidity Management. Its new leader Thomas was formerly the head of Rates and Commodities Sales and Marketing and has been with Wells Fargo for 18 years. 'As the market structure for fixed income and equity products evolves, we have created a coordinated and product-agnostic approach to help our clients manage their funding, collateral and technology needs,” said Dolhare. “Under Dan’s leadership, our new Client Trade Services group will allow us to efficiently manage risk and compete successfully in an evolving marketplace'.
Wells Fargo added Prime Services through its 2012 acquisition of Merlin Securities. 'Wells Fargo's core strengths in trade execution and lending, combined with newer offerings like Prime Services and Clearing enable us to now provide our clients a complete suite of financial solutions', Thomas added.
McCooey is an experienced senior finance professional who brings more than 26 years of industry experience, with an emphasis on portfolio financing for alternative asset managers, derivatives structuring, technology and operational solutions. Prior to joining Wells Fargo, he spent 13 years at Deutsche Bank, serving most recently as head of US Prime Brokerage. He has also held senior finance positions at Canadian Imperial Bank of Commerce and Kidder, Peabody & Company. McCooey holds a Bachelor of Finance degree from Iona College. He is expected to joinWells Fargo in September.
'Eamon's extensive knowledge of the prime brokerage industry combined with his proven ability to lead and grow a business makes him an ideal fit for our organization', said Thomas. 'We are committed to our Prime Services business and look forward to the growth opportunities created by the addition of Eamon to our team'.
As part of its Client Trade Services group, Wells Fargo currently offers its clients full service OTC and Futures Clearing and is adding in-house Securities Clearing capabilities. 'Building out our clearing capabilities is an important component of the overall Client Trade Services business strategy', said Wells Fargo veteran George Simonetti, head of Markets Clearing and Futures Execution. 'Our clients will continue to need access to clearing venues globally. We’re providing them with a high quality service that allows them to efficiently manage their collateral, especially in light of mandatory regulatory clearing requirements'.