PrinceRidge Group has launched a hiring initiative to build up the firm’s structured credit sales group. Armand Pastine, who joined the New York-based broker-dealer as a managing director three months ago, is leading the fixed-income expansion and will also run the collateralized debt obligation platform.
Pastine most recently headed fixed-income sales and trading at boutique investment bank Maxim Group. A group of about 20 fellow employees had reportedly followed him in the move. Pastine declined to comment and officials at PrinceRidge did not return calls. An official at Maxim Group had no comment on any plans to replace Pastine or the other team members.
The firm is seeking to expand distribution across residential mortgage-backed securities, commercial mortgage-backed securities, MBS derivatives, asset-backed securities, as well as collateralized debt and loan obligations.
PrinceRidge launched its hiring initiative a little over a week ago, and has already gotten several responses, according to market officials. The number of people PrinceRidge is looking to add could not immediately be learned, but hiring is expected to pick up in the fall.