Braver Stern Expands Platform With the Addition of Chicago Area-Based Mortgage Team

Jun 09, 2010, 11:53 ET from Braver Stern Securities LLC

NEW YORK, June 9 /PRNewswire/ -- Braver Stern Securities LLC, an independent broker-dealer, announced today the opening of a Midwest office based in the Chicago area. The office will be led by David Connelly, a 25-year veteran of Bear Stearns' mortgage-backed securities department, who will also become a member of the Company's management committee. In addition, Brian Vanselow, JP Gagne, Kevin Smith and Mike Piper will join in mortgage sales; and Andy Lorimer, who will be based in New York, joins as a CDO/CLO trader.

The addition of the mortgage sales and trading team is part of an ongoing effort to expand the firm's sales and trading platform and product offerings. The six individuals bring with them extensive industry experience, customer relationships and product capabilities which compliment Braver Stern's existing customer-focused strategy.

Commenting on the hires, Cliff Sterling, Managing Director in Fixed Income Sales at Braver Stern said, "We are excited about this talented group of individuals joining our team. They will significantly expand our distribution capability and help to develop our relationships with the important Midwest market."

Joseph Valentine, Managing Director of Fixed Income trading added, "The opening of a Chicago-area office helps achieve our goal of expanding the Braver Stern platform and we believe this group is a great fit. Their geographical reach, as well as their solid client relationships, are an excellent addition to our franchise."

Mr. Connelly was with Bear Stearns for almost 25 years and served as head of Chicago fixed income sales at the firm for 17 years. Most recently, Mr. Connelly served as a Senior Managing Director at Guggenheim Securities, where he was responsible for managing the Chicago office and also led the Financial Institutions Group (FIG) and bank client group.

Messrs. Vanselow, Gagne, Smith, and Piper spent the past two years at Guggenheim Securities, and before Guggenheim were with Bear Stearns, where they built and established their mortgage practice. Mr. Lorimer joined Guggenheim last year from Resource America, a NY-based specialized asset management firm.

"Braver Stern is a recognized leader among boutique mortgage securities dealers," said Mr. Connelly. "It is the right fit for our veteran team with deep roots in the mortgage space and a commitment to value-added client service.  We look forward to building out the Braver Stern platform."

About Braver Stern

Founded in 1991, Braver Stern Securities LLC is an independent broker-dealer specializing in mortgage-backed securities and other structured and securitized products for institutional clients. The firm provides sales and trading services on behalf of hedge funds, insurance companies, corporations, private banks, commercial banks, mutual funds, REITs and investment advisers. Braver Stern is led by professionals who have held senior leadership roles in management, sales and trading at the some of the world's leading financial institutions.


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SOURCE Braver Stern Securities LLC