Deutsche Bank significantly strengthens Cash Equitiy Trading
Karofsky will report to Ralph Reynolds, Head of Global Cash Equities & Program Trading, Finance & Prime Services, and to Thomas Gahan, Head of Corporate and Investment Banking Americas and CEO of Deutsche Bank Securities Inc.
David Manlowe was named Americas Co-Head of Cash Equities with Karofsky, with joint responsibility for Research Sales, Sales Trading and Trading. Manlowe will also retain his responsibilities as Head of Americas Company Research. Manlowe joined Deutsche Bank in 1998 and has held several leadership roles including Global Head of Chemicals Equity Research and Head of Americas Equity Research.
David Baker, formerly Global Head of Program Trading, will move into a senior management position within the bank's equities proprietary trading group.
Additionally, the firm announced that Joseph Ferrarese will join as Managing Director and Americas Head of Cash Trading, reporting to Karofsky and Manlowe. Ferrarese also will join from Morgan Stanley, where he was Managing Director and Head of New York Stock Exchange Floor Operations. Ferrarese had been with Morgan Stanley for 17 years and held prior positions as Risk Manager for U.S. Cash Trading and Head of NASDAQ Trading.
Other additions to Deutsche Bank's Cash Equities Trading team will include Donald Healy, Brian Rigney and Eric Shenker as Managing Directors and Brian Dugan, William Mathews and John Pastorelli as Directors. All will join from Morgan Stanley.
"Commitment to clients, excellence in risk management and innovation have been pillars of Global Markets' strategy. Robert and his team share these values," said Anshu Jain, Head of Global Markets and a Member of the Group Executive Committee. "They will be integral to our ongoing drive to achieve market leadership in North America and in cash equities globally."
"Having a strong presence in U.S. equities is vital to our overall success in the region," said Gahan. "Hiring world-class professionals like Robert to run our business is the strongest sign of our determination to continue investing in our U.S. securities platform."
"These hires demonstrate Deutsche Bank's commitment to providing our clients with the best coverage and execution in the equities product set," added Reynolds. "We're also delighted to have this opportunity to allow David Baker to fulfill his longstanding ambition to move into a proprietary trading position."
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