New York-based independent prime broker Clear Street is set to launch a new investment banking business named Strategic Advisory Services.
The new business line will offer strategic advisory, transaction and creative capital solutions to emerging growth companies, subject to regulatory approvals.
Clear Street has hired a team of investment bankers to build out the investment banking and advisory offering.
John D’Agostini has been appointed as co-head of investment banking, joining Clear Street from JonesTrading, where served as managing director, investment banking for over 12 years. Earlier in his career he held equity sales and trading positions at Cantor Fitzgerald.
His fellow co-head will be Nicholas Hemmerly who joins Clear Street from his role as senior managing director, head of investment banking at Bridgeway Capital Partners. Elsewhere in his career, Hemmerly held senior positions at JP Morgan, PwC, Hefferies and JMP Securities.
Clear Street has named Ryan Gerety as managing director, investment banking. Gerety joins from JonesTrading, where he served as managing director, equity capital markets. He spent 11 years at JonesTrading, initially in equity sales and trading before eventually joining the equity capital markets team.
Elsewhere, Wes Hefferman joins Clear Street as executive director, investment banking. Before joining the firm, he served as senior vice president, investment banking at EF Hutton. Prior to that, he served as an analyst at Guggenheim Partners and Maxim Group.
“The investment banking business will further establish Clear Street as an emerging leader in the capital markets space and is another area where we’re excited to add value as a trusted partner,” said Andy Volz, chief operating officer and head of sales at Clear Street Group.
“As we continue to build out our suite of services to meet our clients’ needs, we remain focused on our mission to become a single-source platform that serves a variety of investor types, across multiple asset classes, on a global scale.”
All four new additions will report to Volz, who currently oversees Clear Street’s business development and sales channels, in addition to new business initiatives across the firm. The new hires will focus on building an investment banking practice that offers tradition and alternative capital markets services, according to Clear Street.
“We’re thrilled to build a next-generation investment bank focused on establishing long-term partnerships and propelling growth using the momentum from Clear Street’s expanding platform,” said D’Agostini.
“We look forward to leveraging Clear Street’s technology to provide exceptional service and create transformative opportunities for growth companies.”
Earlier this year, Clear Street completed the second tranche of its $435 millions Series B funding round, valuing the company at $2 billion. The funding will be used to support the firms’ expansion plans to reach new markets and asset classes, accelerate future product offerings and increase availability to all market participants.