Magazine article American Banker

Piper Starts NYC Fixed-Income Sales,Trading Desk

Magazine article American Banker

Piper Starts NYC Fixed-Income Sales,Trading Desk

Article excerpt

U.S. Bancorp Piper Jaffray said Friday that it had started up a New York fixed-income sales and trading desk that is focusing on mortgage-backed securities.

The investment banking arm of Minneapolis-based U.S. Bancorp last month opened a New York equity sales and trading operation; both it and the fixed-income group now have offices in Manhattan's Chrysler Building.

In an interview Friday, Michael Effron, the manager of long-term taxable trading at Piper Jaffray in Minneapolis, said "it is our intention to grow" the fixed-income office by making selective hires, particularly on the sales side.

Piper Jaffray now has two fixed-income specialists for tax-exempt securities. It added another three executives in recent weeks -- two mortgage securities traders from J.P. Morgan Securities and one investment banker already employed by the firm who will move to taxable sales, Mr. Effron said.

Strengthening the firm's mortgage talent complements its corporate debt and agency debt capabilities -- two areas in which Piper is already strong, Mr. Effron said.

Piper had noted more demand for its mortgage product from New York clients, he said. Moreover, "there has been some shifting around of mortgage talent in the Street, and a majority of the mortgage talent is in New York City."

"When you take the combination of the three factors -- the increased demand we see from our client base, the fact that we didn't have a taxable fixed-income presence in New York City, and the availability of talent -- it all made sense to expand into that market," Mr. Effron said. …

Search by... Author
Show... All Results Primary Sources Peer-reviewed


An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.