Investment advisor and broker-dealer, Ingalls and Snyder, has opened a new securities lending business unit, to be led by securities lending veteran Gerard Losurdo.
Losurdo has recruited two additional industry veterans to help build out this new business — Joseph Lotito, former executive director of equity finance trading at Mizuho Securities, and Stephen Tran, from TD Prime Services.
Collectively, the three professionals bring more than 60 years of experience in securities lending to their new roles.
The business aims to provide securities lending services to institutions, high-net worth investors and other professionals in the industry.
Losurdo joins the New York-based firm from Siebert Financial, where he has co-headed the firm’s securities finance group — within its broker-dealer subsidiary, Muriel Siebert & Co — since 2020.
Losurdo was a managing director at TD Prime Services between 2017 and 2020. In this role he led the company’s securities lending and equity finance division.
Losurdo spent a decade working for Albert Fried & Company. He began his career with the firm in 2011, first joining as a managing director of securities lending.
In this role, he managed and expanded the firm’s securities lending programme and coordinated with existing execution, trading, prime brokerage and clearing businesses to capitalise on operating efficiencies.
Losurdo also held senior positions at Genesis Securities and Swiss American Securities.
Commenting on the announcement, Losurdo says: “Ingalls & Snyder has presented me with a unique opportunity to assemble a securities finance group within their prestigious firm. Ingalls has made a major commitment to this new business and we plan to be a first-rate provider in all aspects of equity finance.”
Bob Case, CEO of Ingalls & Snyder, adds: “We are excited that Jerry, Joe and Steve share our vision to create a new, high-quality offering in this important area of financial services. The team will provide Ingalls & Snyder clients with value-added securities financing which is tailored to their needs.”
