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June 30, 1999

First Union Shifts Nasdaq Operations to Baltimore: Ex Alex. Brown Traders For First Union Office

By Michael L. O'Reilly

Utilizing the turnover in the Deutsche Banc Alex. Brown trading department, First Union Capital Markets opened a Nasdaq trading desk in Baltimore - staffed entirely by former Alex. Brown employees.

In all, Richmond-based First Union hired three Nasdaq traders, five sales traders and three institutional salespeople from Baltimore-based Alex. Brown. When the new office opens this month, First Union will transfer all Nasdaq trading operations to Baltimore.

Christopher L. Holter, previously the co-head of over-the-counter trading at Alex. Brown, will run the new office. Holter will serve as the co-head of equity trading - with George Jennison - at First Union. Jennison will manage day-to-day listed trading out of the firm's Richmond office, and Holter will manage day-to-day Nasdaq trading out of Baltimore.

"We saw an opportunity to significantly enhance our equity-trading and sales effort in Baltimore," Jennison said. "We are adding high-quality professionals with deep relationships to add value to our client service and our flow of business. This strategy will pay dividends immediately."

Aside from Holter, First Union hired Christopher H. Bartlett II and Todd Garliss from Alex. Brown to serve as senior Nasdaq traders in Baltimore.

Of the five sales traders hired from Alex. Brown, four will work at First Union's Baltimore office - Michelle McNear, Martz Murray, Carl Pohlhaus and Jan Wunderlich. Tom Pitre, a San Francisco-based sales trader at Alex. Brown, joined First Union's San Francisco office.

Three institutional salespeople also moved from Alex. Brown's headquarters to the new First Union office, Mag Dusseau, Bill Moland and Roy Smith.

Jennison said First Union would eventually transfer some employees from Richmond to Baltimore to support the new office.

The hirings at First Union follow the unstable integration of Alex. Brown into new parent Deutsche Banc, an integration defined by resignations, reassignments and retirement in the firm's trading department.

Aside from the moves to First Union, an Alex. Brown managing director of equity trading - 41-year-old Michael F. Misera - retired after 15 years with the firm.

Alex. Brown promoted Keith Gertsen and Christopher Matonis to co-head the firm's OTC trading department. Gertsen and Matonis - employees of the firm for eight years and ten years, respectively - will report to Robert Grohskopf, managing director of global cash trading at Deutsche Banc Securities, and David DiPietro, Deutsche Banc Securities' head of North American equities.

A spokesperson for New York-based Deutsche Banc Securities said Gertsen and Matonis will work closely with William Rothe, the former co-head of OTC trading at Alex. Brown.

Rothe had headed the desk at Alex. Brown in some capacity since 1972. He was reassigned within the trading department, and will serve as a managing director of Nasdaq trading, reporting directly to Grohskopf and DiPietro. It was unclear what his new role in the trading department would be.

Alex. Brown was purchased two years ago by New York-based Bankers Trust, and renamed BT Alex. Brown & Sons. With the $10 billion acquisition of Bankers Trust by Frankfurt-based Deutsche Banc completed in June, Alex. Brown was again integrated into a new firm and renamed Deutsche Banc Alex. Brown.

The trading department at Alex. Brown referred all calls about the changes in its department to Grohskopf. Grohskopf was unable to respond for comment at press time.

A spokesperson for Deutsche Banc Securities said the firm plans to promote employees internally to fill most of the remaining open positions at Alex. Brown.