| NEW YORK, Sept 22
NEW YORK, Sept 22 Aegis Capital has hired a
former Oppenheimer & Co Inc adviser with $1 million in revenue
production to manage the firm's private client services in New
David Drucker, 51, who has spent nearly two decades on Wall
Street, said on Thursday he made the move because of Aegis'
position and access to the middle-market arena, where he
handles a number of accounts.
Drucker, who started on Monday, said he was attracted to
the availability of a "conflict free" third-party clearing
platform at Aegis. He said the ability to use outside vendors,
as opposed to the self-clearing platform he used Oppenheimer,
allows him to choose from different outlets for processing
trades without pressure to use in-house products.
Aegis has clearing relationships with both Penson Financial
Services Inc and JP Morgan, part of JPMorgan Chase & Co
"Here we can clear and have a relationship with JP Morgan
and Penson, and have multiple choices for clearing securities
that best suit different client needs," he said.
"Wirehouses are all into their own home-grown products, but
that never appealed to me in my days at Morgan Stanley,"
Drucker previously worked at Oppenheimer, the registered
broker-dealer and investment advisory firm of Oppenheimer
Holdings Inc (OPY.N), for three years.
Before that, he worked for five years at Morgan Stanley DW
Inc, the former broker-dealer affiliate of Morgan Stanley & Co
(MS.N), and spent another five years at RBC Capital Markets,
the subsidiary of the Royal Bank of Canada (RY.N).
(Reporting by Ashley Lau; Editing by Walden Siew)