Oscar Gruss Plans to Hand Brokerage to Tel Aviv Employees

Oscar Gruss & Son Inc., the New York brokerage that traces its origins to Poland almost a century ago, will sell itself for a “nominal” price to two employees as trading slows, Chief Executive Officer Michael Shaoul said.

Shaoul, 46, will step down as head of the business, which employs about 30, if regulators approve the sale, he said yesterday in an interview. He’ll continue to run Marketfield Asset Management LLC, a New York-based money manager with about $4.5 billion in assets. Shaoul declined to specify the price being paid by Ronen Cohen and Avi Avital, who work in Tel Aviv.