Susquehanna International Group plans to catapult its institutional brokerage arm Susquehanna Financial Group from being a top 20 player to standing in the top 10 by year-end. Eric Noll, director of research in Bala Cynwyd, Pa., said it plans to achieve this by building the firm's team of research sales and sales traders by another 10-15 over the course of the year while beefing up its equity research division with some 10 more research analysts. The firm currently has a team of over 60 sales traders and a 35-strong research and research sales group. The growth is focused on equities, equity derivatives and exchange-traded funds, said Noll. Scott Ricciardelli, v.p. in equity derivatives marketing at Citigroup Global Markets, is the most recent hire, joining the firm's New York office. He declined comment.
"The separation of banking from research has become absolute," said Noll. This new regulatory environment has created opportunities for firms offering value-added research and its goal is to match its enhanced research unit with a sales trading force that will fill the liquidity needs of its clients. The firm will also continue to offer capital commitment on trades, he said.
Susquehanna is making a name for itself as one of the more aggressive firms offering liquidity and one of the few willing to sell volatility, according to a hedge fund official. Rivals also noted that the firm is well positioned to grow its franchise, having made several strong hires over the past year.
Duncan King, spokesman at Citigroup in New York, said the firm plans to replace Ricciardelli, but declined further comment.