CHARLOTTE - June 4, 2013
Wells Fargo Securities, the capital markets and investment banking business of Wells Fargo & Company (NYSE: WFC), announced today that it has formed a new Client Trade Services group within Wells Fargo Securities’ Markets division to bring together its businesses that offer clearing, trade execution, technology and operational solutions to corporate and institutional clients. Dan Thomas, a long-time Wells Fargo senior leader, was named head of Client Trade Services, reporting to Tim Mullins and Walter Dolhare, co-heads of the Markets division. The firm also announced that Eamon McCooey will be joining the group as head of Prime Services. McCooey will be based in New York City and report to Thomas.
Client Trade Services consists of Prime Services, OTC Clearing, Futures Clearing and Execution, and Funding and Liquidity Management. Its new leader Thomas was formerly the head of Rates and Commodities Sales and Marketing and has been with Wells Fargo for 18 years. “As the market structure for fixed income and equity products evolves, we have created a coordinated and product-agnostic approach to help our clients manage their funding, collateral and technology needs,” said Dolhare. “Under Dan’s leadership, our new Client Trade Services group will allow us to efficiently manage risk and compete successfully in an evolving marketplace.”
Wells Fargo added Prime Services through its 2012 acquisition of Merlin Securities. “Wells Fargo's core strengths in trade execution and lending, combined with newer offerings like Prime Services and Clearing enable us to now provide our clients a complete suite of financial solutions," Thomas added.
McCooey is an experienced senior finance professional who brings more than 26 years of industry experience, with an emphasis on portfolio financing for alternative asset managers, derivatives structuring, technology and operational solutions. Prior to joining Wells Fargo, he spent 13 years at Deutsche Bank, serving most recently as head of US Prime Brokerage. He has also held senior finance positions at Canadian Imperial Bank of Commerce and Kidder, Peabody & Company. McCooey holds a Bachelor of Finance degree from Iona College. He is expected to join Wells Fargo in September.
"Eamon's extensive knowledge of the prime brokerage industry combined with his proven ability to lead and grow a business makes him an ideal fit for our organization,” said Thomas. “We are committed to our Prime Services business and look forward to the growth opportunities created by the addition of Eamon to our team.”
As part of its Client Trade Services group, Wells Fargo currently offers its clients full service OTC and Futures Clearing and is adding in-house Securities Clearing capabilities. "Building out our clearing capabilities is an important component of the overall Client Trade Services business strategy,” said Wells Fargo veteran George Simonetti, head of Markets Clearing and Futures Execution. “Our clients will continue to need access to clearing venues globally. We’re providing them with a high quality service that allows them to efficiently manage their collateral, especially in light of mandatory regulatory clearing requirements."
About Wells Fargo Securities
Wells Fargo Securities delivers a comprehensive set of capital markets products and services to customers, including originating and distributing public debt and equity, hedging interest rates, commodity and equity risks, advising on mergers and acquisitions, and originating structured lending facilities and municipal bonds. The institutional capital markets business is comprised of more than 3500 team members in 40+ offices across the United States, Europe and Asia.
Wells Fargo Securities is the trade name for certain capital markets and investment banking services of Wells Fargo & Company and its subsidiaries, including Wells Fargo Securities, LLC, a member of NYSE, FINRA, NFA and SIPC, Wells Fargo Institutional Securities, LLC, a member of FINRA and SIPC, Wells Fargo Prime Services, LLC, a member of FINRA, NFA and SIPC and Wells Fargo Bank, National Association, Wells Fargo Securities International Limited (authorized by the U.K. FSA), Wells Fargo Securities Asia Limited (licensed by the HK SFC), and Wells Fargo Securities (Japan) Co., Ltd. (registered with the KLFB).
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a nationwide, diversified, community-based financial services company with $1.4 trillion in assets. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, insurance, investments, mortgage, and consumer and commercial finance through more than 9,000 stores, 12,000 ATMs, and the Internet (wellsfargo.com), and has offices in more than 35 countries to support the bank’s customers who conduct business in the global economy. With more than 270,000 team members, Wells Fargo serves one in three households in the United States. Wells Fargo & Company was ranked No. 25 on Fortune’s 2013 rankings of America’s largest corporations. Wells Fargo’s vision is to satisfy all our customers’ financial needs and help them succeed financially.