IFMI Completes Consolidation of Broker-Dealer Subsidiaries
February 03 2014 - 9:26AM
Business Wire
Combined Broker-Dealer to Operate as JVB
Financial
Announces Expansion of JVB Financial High Yield
and Distressed Trading Group
Institutional Financial Markets, Inc. (NYSE MKT: IFMI) (“IFMI”),
a financial services company specializing in credit-related fixed
income investments, today announced that it has completed the
previously announced consolidation of its two registered
broker-dealer subsidiaries, C&Co/PrinceRidge LLC and JVB
Financial Group, LLC, into a single broker-dealer subsidiary to be
operated under the JVB Financial brand. IFMI has received approval
from the Financial Industry Regulatory Authority (FINRA) for the
consolidation of the two entities.
The consolidation will enhance the integration of products,
services and processes across IFMI’s various lines of business.
Further, the consolidation will generate cost synergies and will
provide for a more efficient utilization of capital. Lester
Brafman, Chief Executive Officer of IFMI, said, “We are pleased to
have completed this consolidation and believe that the alignment
and integration of our trading platforms will enhance client
service, profitability and long-term shareholder value. We will
continue to work diligently to ensure a seamless integration for
C&Co/PrinceRidge’s and JVB’s respective clients.”
High Yield and Distressed Trading Group Expansion
IFMI also announced today the hiring of Josh Zucker and Patrick
Moore as co-heads of JVB’s High Yield and Distressed Sales and
Trading Group, responsible for all related sales and trading
activities at JVB Financial. Mr. Brafman said, “We are pleased to
have Josh and Patrick join JVB Financial. Their combined financial
acumen and operational expertise will be extremely valuable as we
continue to grow the JVB platform and provide superior service to
our clients.”
“We are very excited for the opportunity to join JVB Financial
and, together, to lead the effort to expand JVB’s existing high
yield and distressed trading capabilities,” said Messrs. Zucker and
Moore. “JVB has a talented and highly capable team and we look
forward to working with them to build upon their progress.”
Josh Zucker
Mr. Zucker brings more than 17 years of industry experience to
JVB Financial in high yield and distressed trading. Most recently
Mr. Zucker served as a High Yield and Distressed trader at the
Brownstone Investment Group. Previously Mr. Zucker held the same
position at Knight Capital Group, and built Morgan Stanley Smith
Barney’s Special Situations Group, focusing on providing the top
fixed income-producing financial advisors with trade ideas and
execution. Mr. Zucker has a bachelor of arts in history from
Williams College.
Patrick Moore
Mr. Moore has more than 14 years of industry experience in high
yield and distressed trading. Most recently Mr. Moore served as a
High Yield and Distressed trader at the Brownstone Investment
Group. Previously Mr. Moore worked in dealer sales at Knight
Capital Group, as well as worked for Morgan Stanley Smith Barney in
New York, San Francisco and the U.K., assisting the firm’s
broker-dealers and private bank clients with fixed income
solutions. Mr. Moore has a bachelor of arts in economics from
Williams College.
About IFMI
IFMI is a financial services company specializing in
credit-related fixed income investments. IFMI was founded in 1999
as an investment firm focused on small-cap banking institutions,
but has grown to provide an expanding range of asset management,
capital markets, and investment banking solutions to institutional
investors and corporations. IFMI’s primary operating segments are
Capital Markets and Asset Management. The Capital Markets segment
consists of credit-related fixed income sales, trading, and
financing, liquidity and hedging services for residential mortgage
originators as well as new issue placements in corporate and
securitized products and advisory services, operating primarily
through IFMI’s subsidiaries, JVB Financial in the United States and
Cohen & Company Financial Limited in Europe. The Asset
Management segment manages assets through collateralized debt
obligations, permanent capital vehicles, and managed accounts. As
of September 30, 2013, IFMI managed approximately $6.2 billion in
credit-related fixed income assets in a variety of asset classes
including U.S. trust preferred securities, European hybrid capital
securities, Asian commercial real estate debt, and mortgage- and
asset-backed securities. For more information, please visit
www.IFMI.com.
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and are subject to known and unknown risks, uncertainties and
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in our business. These statements are based on our current
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Investors:Institutional Financial Markets, Inc.Joseph W.
Pooler, Jr., 215-701-8952Executive Vice President and Chief
Financial Officerinvestorrelations@ifmi.comorMedia:Joele
Frank, Wilkinson Brimmer KatcherJames Golden or Joe Berg,
212-355-4449jgolden@joelefrank.com or jberg@joelefrank.com
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