23/11/2011 Author: Elana Margulies

Cuttone Prime Services refocuses sales effort

Cuttone Prime Services, the prime brokerage division of New York-based institutional broker Cuttone & Co, has refocused it sales effort and hired two industry veterans, HFMWeek has learned.

Paul Havens and Kurt McGlyn both recently joined as directors of capital introductions services. Havens was most recently at FBR Capital Markets where he was senior vice president of prime brokerage sales. Meanwhile, McGlyn spent over a decade as a trader at Knight Equity Markets.

Keith Bliss, senior vice president, said Cuttone has decided to refocus its prime brokerage services, arguing the division can fill a void in the marketplace for both emerging and existing long/short and relative value hedge fund strategies. “We believe this is still a viable market and underserved market,” he said. “Despite the low interest rate environment, this is still a business we can manage and grow.”

Cuttone is in the process of transitioning its approximately 30 accounts to Pershing LLC after it recently stopped clearing through Goldman Sachs Execution & Clearing (GSEC). Once the transformation is complete, it is expected to add more sales staff in New York.