Maxim Group LLC hired Hector Cortes, formerly of PrinceRidge LLC, to sell structured notes.
Cortes started working at the firm in New York last month and will report to Jamie Terranova, managing director and head of fixed income, according to Terranova.
“Hector’s addition will broaden both our product mix and our distribution base,” Terranova said in an e-mail.
Cortes said by telephone that before joining PrinceRidge, he worked at Nomura Holdings Inc., Bank of America Corp. (BAC) and Lehman Brothers Holdings Inc.
Maxim Group, based in New York, is the latest of several firms that have announced hires of brokers to sell structured notes in the last four months. Incapital LLC and JVB Financial Group LLC opened new offices in August, and PrinceRidge brought on new managing directors earlier.
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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