Two veteran-owned brokerages are joining together to hire veterans, train them to be sales traders and create a larger theater of trading operations.
Academy Securities, a registered broker-dealer and certified Disabled Veteran Business Enterprise, today announced that Carolina Capital Markets (CCM) are entering the employment breach together with Academy set to expand its business operations in fixed income sales and trading while bolstering its efforts to hire and train recent combat veterans.
“Academy’s vision is to bring together military veterans and Wall Street veterans to build an institutional broker-dealer with outstanding skills and character,” said Chance Mims, chairman and chief executive officer at Academy Securities. “CCM shares our vision of working directly with the veteran community and consists of many highly trained Wall Street veterans in the fixed income business.”
Some 1 million service members are expected to leave the military and become civilians between 2011 and 2016, according to government figures. Military veterans, Mims added, have one of the highest unemployment rates in the United States.
According to recent Bureau of Labor Statistics data, the unemployment rate for combat veterans overall is around 7.5 percent. It is worse for those recently returning from service – 10.3 percent.
Academy Securities will enlist the senior management of Carolina Capital Markets, Tom Shugrue and Steve Chaires. Shugrue, as head of fixed income, will be responsible for taxable and tax exempt fixed income sales, trading, capital markets, and corporate finance. Chaires, as head of fixed income trading, will be responsible for all fixed income trading activities. Furthermore, Academy is integrating CCM’s highly skilled operations and compliance departments.
Tom Shugrue is a former Marine Corps officer who served a tour of duty in the Republic of South Vietnam. Shugrue will be especially focused on the training and hiring of combat veterans returning from Iraq and Afghanistan.
“Joining forces with Academy will arm our returning veterans with greater access to fixed income products and services,” Shrugrue said.
