Traders' Uncertain Future At Brundage, Story & Rose
Traders Magazine, August 2000
The pending acquisition of the equities divisions of money manager Brundage, Story & Rose by the Bessemer Trust Company puts a question mark over the futures of Brundage's three traders. Brundage trades mostly retail-sized orders while Bessemer has stepped up its investments in technology to automate trading of those orders.
The Brundage desk is headed by Mary Conaghan, a 13-year veteran with the firm, and handles the order flow from the firm's private-client and institutional-equity groups. Equity assets total $4.5 billion. Traders handle roughly 150 trades per day, each averaging 1,000 shares, according to Conaghan. "The logistics of the transaction are still being worked out," said Conaghan, when asked about job prospects for Brundage traders. "We're playing it by ear."
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