Maxcor Financial, a broker-dealer, has recently hired several salesmen and traders to its institutional corporate bond group as part of a large expansion effort, according to Steve DiTursi, managing director in charge of sales, trading and research. The firm is attracting candidates because it offers salaries that are more performance-related than those offered by bulge-bracket firms, adds Gil Scharf, chairman and ceo. He declined to give further details about Maxcor's compensation structure.
Scharf says the New York-based firm sees a great opportunity in the market and notes it can appeal to middle-market clients that are underserved by bulge-bracket firms.
Among the new hires are three professionals from Spear Leeds & Kellogg, including high-yield traders Jon Sablowski and John Kuctar and Chuck Alini, a generalist salesman. Also joining of late is Allan Shapiro, an investment-grade trader, who previously worked at R.W. Pressprich & Co. In addition, Maxcor has hired another 10 generalist salesmen and will continue to expand the group by adding an undetermined number of sales and research professionals, says DiTursi. He was hired earlier this year from Keefe, Bruyette & Woods to spearhead the expansion of a newly created fixed-income team, which encompasses investment-grade, high-yield and distressed markets (BW, 1/17).