Finacorp Securities, a regional brokerage, may hire up to a dozen institutional fixed-income salesmen to sell high-grade corporates, agencies and structured products. Ed Prado, the company's president and ceo, said he plans to add sales professionals to the company's newly opened New York office but is also looking to add salesmen to the company's headquarters in Newport Beach, Calif., as well as its offices in Boston and Sao Paulo, Brazil. The New York office currently has three salesmen.
"This is an opportune time [to hire] because the primaries have reduced their commission, so we should see a lot of movement in the market," said Prado, referring to an ongoing trend at bulge-bracket houses. Specifically, Prado said salesmen at large firms are making less than they used to as big houses consolidate and cut costs. "That squeeze, along with the added transparency in the market, is making it more difficult for salesmen to work at [bulge-bracket] firms," Prado said.
The new recruits would all report to Prado, who said he is looking for candidates with at least five years of experience with experience and existing relationships in fixed income and/or structured product.