ConvergEx Group, a provider of global brokerage and trading?related services, is expanding its institutional clearing business.
As a first phase of growing the business, ConvergEx has recently completed the build out of its equities finance desk.
Its additional capabilities now include a more robust conduit book; collateral optimisation through more extensive securities lending; and offering third?party and in?house locates.
The build out of the institutional clearing business is being overseen by new hire Carmen Sturm, the managing director of sell?side services.
Sturm comes to ConvergEx from SunGard where she spent the last 13 years. Most recently, she was SunGard Brokerage & Securities Services chief operating officer with responsibility for the institutional clearing business, including operations, sales and stock loan.
Sturm reports to Barclay Frey, managing director and co?head of sell?Side Services at ConvergEx Group.
To manage the day?to?day operations of the new services, the following individuals have joined the equities finance desk. All report to Sturm:
John Nacincik is the new senior vice president and head of the ConvergEx equities finance desk.
Nacincik comes to ConvergEx from Knight Capital. Prior to that, he spent 24 years at UBS and five years at SunGard where he set up their equities finance solution, including a locates business.
Karen deStefani has been appointed as vice president. For five years at SunGard, deStefani ran its large conduit book and supported the locates business. She was also with UBS for 20 years running their conduit book and ADR/ETF securities lending businesses.
Darryl Cooke is another vice president. Cooke’s experience includes more than 15 years at firms such as Charles Schwab and UBS in securities lending operations as well as Knight and SunGard where he spent four years at the latter in equities finance sales.
Ray Delgado and his colleague Marcella Broughton remain in their positions on the desk.
