Advest Securities has downsized its capital markets business and is refocusing on its core business of private clients and retail customers, said Bob Frolley, spokesman. "Our corporate business over the past couple of years became too broad in scope," he said.
Advest has closed its Denver and Pittsburgh offices and recent departures from its New York office include Herb Finn, senior managing director and head of fixed-income sales (BW, 11/5), and Robert Procida, co-head of corporate trading (BW, 10/11). Rich Czyzynski, managing director in sales in Chicago, has replaced Finn as senior managing director and national sales manager for taxable fixed-income. Czyzynski declined comment. Meanwhile, Rick Musumeci is now sole head of corporate bond trading.
"We'll still have a sizable capital markets business," said Frolley, dispelling rumors the firm is exiting the capital markets business.