NEW YORK, Sept 22 (Reuters) - 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 York.
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 (JPM.N).
“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 said.
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