Advest Securities is starting a high-grade corporate bond research effort and has made several hires for its trading, research and sales operations, according to Herb Finn, senior managing director and head of sales. Patricia Brosokas started earlier this month as a v.p. and senior bond analyst responsible for high-grade research. "It's a new initiative; we wanted to give the sales force some more Advest-generated research," Finn explains. Advest is also looking to hire a couple of high-grade analysts to work under Brosokas, who previously had a similar role at Prudential Securities. She reports to Bob Procida, senior managing director and head of high-grade trading.
Also joining is David Scalzetti, who started at the beginning of the year as a v.p. and senior mortgage-backed securities trader in New York. Scalzetti, who previously worked in a similar role at Nomura Securities, will trade collateralized mortgage obligations and whole loans. He also reports to Procida. Advest recently lost a handful of traders on the mortgage side to Cantor Fitzgerald, which is starting an MBS business (BW, 12/16).
Advest has also hired two salesmen: Steven Boles, a v.p. in the financial strategies group who will focus on sales to depository institutions, and Kenneth Gutierrez, a v.p. and generalist salesman who will work out of the Tampa, Fla., office and cover total return investors. They both report to Finn, who is based in New York.