New York-based Miller Tabak & Co. plans to beef up its derivatives sales staff to U.S. agencies over the next 12 months. The expansion is prompted by more demand from agencies, such as Fannie Mae, which has been flooding the market with note offerings over the last eight months. The firm has expanded its premises in New York and Kurt Soderberg, head of over-the-counter derivatives trading, said, "We have more space so we need more agencies salespeople." He declined comment on how may hires the firm would look to make, but said it likes sales specialists who can come in with their own list of clients. "We do mostly commission business so if someone can come with their own list its an added bonus."
Established 19 years ago, Miller Tabak works directly with its client base and acts as an agent, "Unlike a market maker that eventually trades against its customer base," Soderberg noted. The firms serves as an agent on behalf of sophisticated institutional investors, such as hedge funds and large institutions.
