July 31 (Bloomberg) -- Adam Posnack, a managing director and head of convertible bond sales in New York for FBR & Co., has died. He was 47.
He died suddenly on July 29 in New City, New York, where he lived with his family, according to a notice on the website of Hellman Memorial Chapels in Spring Valley, New York. No cause was given. New City is about 30 miles (48 kilometers) north of Midtown Manhattan.
Ro Bawa, managing director in charge of convertibles at Deutsche Bank Securities Inc. in New York., said yesterday in a telephone interview Posnack was “a legendary sales trader and a one-of-a-kind character.” They worked together for 10 years, until Posnack left Frankfurt-based Deutsche Bank in 2008.
“He was super chatty, on the phone 24 hours a day, often two phones to his ear,” Bawa said. “He loved it. He was made for this.”
They were among three convertible bond salesmen hired by Deutsche Bank from Belgium’s KBC Bancassurance Holding NV in 2001, when convertibles -- bonds that can be converted to common stock -- were a fast-growing asset class. KBC, then Belgium’s third-largest bank, was trying to increase sales of the securities to hedge funds.
In a statement e-mailed yesterday, Shannon Hawkins, senior vice president of corporate communications for Arlington, Virginia-based FBR, said:
“His colleagues at FBR are profoundly saddened and shocked. He was highly respected across the industry, admired and liked by everyone at FBR, and a friend to all. He will be missed by everyone who knew him.”
Posnack spent four years at Jefferies & Co. in Stamford, Connecticut, prior to joining FBR, according to the Financial Industry Regulatory Authority website. Before Jefferies, which is based in New York, he spent seven years at Deutsche Bank.
Adam Todd Posnack was born on Dec. 31, 1966 in New York City, one of three children of Stanley and Gail Posnack. He was raised in Airmont, New York, and was on the baseball, wrestling and football teams at Suffern High School, according to the funeral home notice.
He received a bachelor’s degree in history from Princeton University in 1989 and played on the school’s football team.
Among his previous employers, Finra listed KBC Financial Products USA Inc., D.E. Shaw Securities LP, Liberty Brokers and Murphy & Durieu, all in New York, and Tullett & Tokyo Liberty Securities Inc. in Jersey City, New Jersey.
The funeral home notice says he also worked previously at Zurich-based UBS AG, New York-based Lehman Brothers and Bermuda-based Butterfield bank.
Posnack served as a director of New York-based Dysautonomia Foundation Inc., which supports research into a rare progressive neurological disorder, Familial Dysautonomia. His son, Jack, born in 2005, has the disease and is one of only about 325 people in the world living with the illness, according to David Brenner, the organization’s executive director. Most of those afflicted are of European Ashkenazi Jewish ancestry.
Posnack hosted golf outings in the Hamptons, on Long Island, New York, to raise money for the foundation, Bawa said. He also was a leading organizer of the foundation’s annual FD Golf Classic, held at Glen Oaks Club in Old Westbury, New York.
Survivors include his wife of nine years, the former Robin Fiddle; children, Jack, Cody, Hunter and Charlotte; his parents; and his sisters, Beth Hecht and Jennifer DeMarchi.
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