EXCLUSIVE: Volino and Misiano move to Daewoo 10 June 2016New York Reporter: Mark Dugdale
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Peter Volino and Richard Misiano have joined Daewoo Securities (America) to launch a global securities lending and repo business.
They join South Korea’s largest financial services firm from Industrial and Commercial Bank of China Financial Services. Their new global securities lending and repo business will also engage in delta one trading.
Daewoo Securities (America) is a subsidiary of Mirae Asset Daewoo Co. The US firm’s parent was recently acquired by Mirae Asset Financial Group of South Korea.
A sister company, Mirae Asset Global Investments, has been a pioneer in the Korean mutual and exchange-traded fund businesses and currently has approximately $83 billion in assets under management. The combined broker-dealer entity has $7 billion of capital.
The firm also has a significant Korean domestic private banking business and is now expanding that business to the US.
Peter Volino, who is global head of equities at Daewoo, commented: “In this environment of increasing balance sheet constraints for firms owned by bank holding companies, due to Basel III, having the support of a well-capitalised, non-bank holding company parent is crucial.”
Head of global fixed income, Richard Misiano, added: “During phase one of our US growth plan, we will also be adding prime brokerage, clearing, agency execution, and corporate access to our suite of services.”
Volino and Misiano have been joined at Daewoo by Robert Akeson, as COO.
Previously he ran Neuberger Berman’s prime brokerage, clearing and commission recapture businesses.
Akeson said: “We see a terrific opportunity to support small hedge funds that are increasingly being overlooked and underserved by the largest prime brokers. We also see synergies with other areas of our firm, especially, private banking.”
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