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Guggenheim prop trade unit announces seven hires, still on the hunt for trade teams

Tuesday, June 14, 2011
Opalesque Industry Update - Just three months after Guggenheim Partners launched a proprietary trading desk unit named Guggenheim Global Trading LLC (GGT), the company announced that it was aggressively hiring. While the firm is currently looking for 20-25 experienced trade groups it has already built a foundation with the announcement of seven new hires in management positions.

Joining the firm as CFO is Michael Carrieri, who previously served as a consultant to Blue Ridge Capital. Also filled were the spots of Director of Operations, CTO, CCO, General Counsel, Chief Risk Officer and Director of Recruiting and Due Diligence.

GGT is also still looking for experienced teams to handle trading in fundamental long/short equity, quantitative long/short equity, long/short credit and event-driven/risk-arbitrage.

When the firm announced the new unit Loren Katzovitz, who along with Patrick Hughs are the Managing Partners leading GGT said that the changing Wall Street landscape spurred the firm to take advantage of opportunities as large banks were being forced to end successful proprietary trade operations due to Dodd Frank regulation.

"Legislative and regulatory changes globally have created a unique timing opportunity with regard to the availability of high-quality traders and trading groups,” added Hughes in a statement. “The launch of GGT however, is not simply about access to talent; we further believe that the reduction in proprietary trading globally, as a result of the new regulatory regime, should ultimately result in wider investment spreads in arbitrage and other strategies.”

The firm’s initial roster of 7 includes alumni from Shumway Capital (Michael Leopardi, Director of Operations), Highbridge Capital Management (Thomas Wynn, CCO), Morgan Stanley (Sheryl Kaye, Director of Recruiting and Due Diligence).

The list of hires announced on Monday are:

  • Michael Carrieri, CFO
  • Michael Leopardi, Director of Operations

  • Santosh Varki, CTO

  • Thomas Wynn, Chief Compliance Officer

  • David Worley, General Counsel

  • Jules Buxbaum, Chief Risk Officer

  • Sheryl Kaye, Director of Recruiting and Due Diligence

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