JVB Financial Group LLC opened a New York office and hired at least three people to sell and catalog its structured-note offerings.
Kevin Geiger, formerly of Citigroup Inc. (C), and Andy Strauss, of shuttered SIP America LLC, joined the firm to sell the securities, said John Tessar, senior vice president at the brokerage in Boca Raton, Florida. Tessar said they both report to him. Geiger and Strauss confirmed the details of their positions when reached by telephone.
The new office “positions us to more thoroughly cover the large number of customers we work with in the Northeast,” Tessar said in an e-mail.
Neil Condon, former head of research at StructuredRetailProducts.com, an industry database owned by Euromoney Institutional Investor Plc (ERM), was hired to build a repository of structured note offerings, Tessar said. Condon declined to comment when reached.
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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