Former Guggenheim Mortgage-Bond Trader Steuer Joins AK Capital

Former Guggenheim Securities LLC trader Dan Steuer has been hired by AK Capital LLC to build out the New York-based broker-dealer’s sales force for mortgage bonds without government backing.

Steuer joined AK Capital in Los Angeles as a managing director last week, Andrew Kowalczyk, the firm’s president and chief executive officer, said by telephone Tuesday. Steuer, reached by telephone on Tuesday, said he left Guggenheim in January after spending almost eight years at the firm.

AK Capital, which specializes in government-backed mortgage-bond trading, is expanding its sales of home-loan bonds without government backing, Kowalczyk said. Steuer will lead that effort and will oversee trading of derivatives on those securities as well.

“The firm will become much more involved” in the trading of such derivatives, Steuer said.

Prior to joining AK Capital, Steuer helped establish Guggenheim’s trading desk for non-government-backed mortgage bonds and was also the first mortgage-bond derivatives trader hired by the now-defunct Countrywide Securities, according to an e-mail sent by AK Capital to its clients Tuesday.

Thomas Mulligan, a spokesman for Guggenheim with Sitrick & Co., confirmed via e-mail Steuer’s January departure and did not offer further comment.

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