Which trader is in the new market wizards?
scuttlebut:
http://www.wallstreetoasis.com/forums/first-new-york-securities-kaput
WSJ / Dow Jones newswire 3-4-12
(ps - by now the rumor is that Friedman left too with all (a LOT) of his capital. he is referenced in the below story.)
First New York Securities CEO Joseph Schenk Resigns -Sources
By LIZ MOYER
NEW YORK (Dow Jones)--Joseph Schenk resigned as chief executive officer of First New York Securities, a proprietary-trading firm, people familiar with the matter said.
Partners of the firm held a meeting Tuesday evening and notified employees of the move by email.
Schenk will remain at the firm for a three-month transition. Tom Donino, a partner and co-head of U.S. equities trading, was named interim co-chief executive while the firm's board of managers, which includes traders and executives, searches for a permanent CEO successor, a person familiar with the matter said.
Schenk is leaving the firm to pursue other interests, a person familiar with the matter said.
A former chief financial officer of Jefferies Group Inc. (JEF), where he worked from 1998 to 2003, Schenk joined First New York in 2009 from a brief stint at Pali Capital. He was named co-president of First New York in early 2010 along with fellow managing member Donald Motschwiller , who left the firm later that year.
First New York was founded in 1986 and in recent years has been on an expansion kick, hoping to pick up skilled traders being cast off larger Wall Street firms that were forced to restrict trading after the financial crisis because of new regulations.
The firm had some 200 traders working across a variety of asset classes in early 2010, according to press releases from the time. Senior executives spoke openly that year of hiring dozens more traders. The firm also explored setting up a hedge-fund structure and taking in outside money.
As it was hiring, the firm was also losing people. Co-founder Donald Erenberg sold his interest in the firm to another partner. He left last May, according to his broker-check report by the Financial Industry Regulatory Authority. Erenberg and fellow co-founder Michael Friedman are in their 70s, though Friedman is still with the firm.
Last month, senior equity trader Steven Heinemann left after 16 years. Reached by telephone Tuesday, Heinemann said he spent many years at First New York and left to explore new opportunities. He was at SAC Capital and Gruntal & Co. before First New York.
In March 2011, the firm announced a series of management shifts. Heinemann was named vice chairman. Brian Tierney , a former trader and head of counterparty risk at the hedge fund Millennium Partners, joined as chief administrative officer. Seth Platt, formerly with Explorer Alternative Management, joined as director of corporate strategy and business development.
The firm also appointed a trader-management committee last year to oversee trading and manage risk. The members included Donino and Seth Setrakian, the co-heads of domestic equities; Kevin Gerety, head of international equities; Samuel Ginzburg, head of capital markets; Ross Jackman, head of credit trading; Charles Katz, head of commodities trading; and Michael Schreiber, head of macro rates and foreign-exchange trading.
-By Liz Moyer,
