Former president of SunGard Institutional Brokerage (a division of SunGard Data Systems) Jay Indovino has joined Rosenblatt Securities as a managing director, the firm has announced. Prior to the position he held at SunGard for five years, Indovino spent nearly fifteen years with Bridge Information Systems, managing its $150 million institutional brokerage unit, Bridge Trading Co., for his last five years there.
Dick R Dick Rosenblatt, CEO, Rosenblatt Securities and one of six executive 'floor governors' of the NYSE, comments, "We are delighted to bring someone of Indovino's calibre onto our team. The senior management roles he has played at other institutional firms not only included running entire brokerage units and trading desks and floors, but also launching new business units including a research group at Sungard.
"Indovino will be able to help us to grow in new directions, leveraging our expertise, but at the same time ensuring that we have the depth to manage that growth," continues Rosenblatt.
Indovino has experience managing large-scale soft dollar brokerage operations at Bridge and Sungard," notes Joe Gawronski, president and COO, Rosenblatt Securities. "That experience will be invaluable as Rosenblatt has seen greater demand for unbundling in the form of commission sharing agreements (CSAs) over the past year while launching its own program as well as administering traditional soft dollar programs," he adds.
"Since SunGard was acquired, I have been running a small hedge fund and frankly did not think I would return to the brokerage business because of the challenges the industry has been facing," comments Indovino. "However, I believe that Rosenblatt has the right people, energy and positioning to deal with the challenges facing the brokerage industry and the growing complexities of the market," he says.