PrinceRidge LLC hired Ray Doherty, who left Bank of America Corp. (BAC) last month, as a managing director selling structured notes.
Doherty started at the firm June 24, focusing on sales of securities tied to stocks, currencies and commodities, he said in telephone interview from his New York office. He reports to managing directors Armand Pastine in Boca Raton, Florida, and Joseph Castelluccio in New York.
Last month, PrinceRidge hired Christopher Listo, an ex-Cantor Fitzgerald LP salesman, as a managing director selling structured notes.
The recent hires are part of an expansion “to help our overall market presence” in the U.S. and overseas in dealing with wholesalers and institutions, Pastine said in a telephone interview.
Doherty joined Merrill Lynch International Bank Ltd., which was later acquired by Bank of America, in 1993, he said. He was most recently a director in New York selling structured notes.
Zia Ahmed, a spokesman for Bank of America, declined to comment.
Banks create structured notes by packaging debt with derivatives to offer customized bets to retail investors while earning fees and raising money. Derivatives are contracts whose value is derived from stocks, bonds, commodities and currencies, or events such as changes in interest rates or the weather.
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