Clear Street has appointed Robert Sackett as head of prime financing, following the retirement of Vincent Avena.
Sackett will lead the firm's stock loan, repo, international stock loan, agency lending and delta one activities from 16 March.
Sackett brings more than 30 years of experience in leading prime brokerage and securities finance teams. He joins the firm from Mirae Asset Securities, where he was previously head of prime brokerage.
Prior to this, Sackett was head of securities lending at Wells Fargo and managing director at TradeStation Securities and Citigroup.
The announcement comes as securities finance veteran Avena retires from the industry after more than 40 years.
Avena leaves his position as head of securities finance at Clear Street, where he built the firm’s securities finance desk from the ground up.
During his career, Avena was managing director within the prime services division at TD Securities. He joined Albert Fried & Company in 2013 as managing director of the firm’s prime lending services division. Previously, Avena spent several years at BNP Paribas as managing director of securities lending.
In addition to Sackett’s appointment, Charlie Ross and Jack Nicosia have both been promoted to co-heads of stock loan.
Clear Street CEO Chris Pento says: “Vinny has built the securities finance desk at Clear Street from the ground up. He has assembled a world-class team and has been instrumental in getting Clear Street to where we are today. In his retirement, Vinny will continue to work with Clear Street in an advisory capacity.
“We are excited to announce Rob Sackett will be joining the Clear Street team on 16 March as head of prime financing. In this role, Rob will lead the broader financing businesses, carrying on the momentum created by Vinny and the team.”
