Amid a backdrop of brokers trimming staffs and shops closing their doors, at least one is expanding and getting the funding it needs to grow its trading business.
Academy Securities, a California-based broker-dealer and certified Disabled Veteran Business Enterprise, announced that it closed Series A financing to expand its business operations and continue to hire and train military veterans in areas like capital markets, trading, investment banking and municipal finance.
Among the investors are: former chairman and chief executive officer of Morgan Stanley, John Mack; former chairman and chief executive officer of Goldman Sachs, Stephen Friedman; former chairman and chief executive officer of UBS PaineWebber, Joseph Grano; former chairman and chief executive officer of GE Capital Denis Nayden; former chairman of the NYMEX and chairman of Virtu Financial, Howard Milstein.
Academy has also expanded its Board to include other investors in the group, including John Myers former chief executive of GE Asset Management, Sidney Goodfriend former Merrill Lynch Investment Banker and founder of American Corporate Partners, Robert Lyons former head of capital markets at Merrill Lynch, and William Wright former chief executive of AMCON.
Additionally, the firm’s advisory board now includes retired military officers General Peter Pace, USMC 16th Chairman of the Joint Chiefs of Staff and Vice Admiral Robert Harward, U.S. Navy SEAL and former Deputy Commander U.S. Central Command.
“We are excited for the opportunity to a have the support of such an amazing group of Wall Street executives as we build a first class financial services firm owned and operated by military veterans,” said Chance Mims, chairman and chief executive at Academy. “The mentorship and guidance of these experienced professionals will play an important role in the execution of both our business plan and social mission.”
Academy Securities employs veterans and service-disabled veterans, including those returning from post-9/11 service, in areas including capital markets, investment banking, public finance, and trading. 40 percent of the broker-dealer’s workforce is military veterans and the firm expects that number to rise to 50 percent in the near future.
“Our relationship with this prominent group of individuals greatly enhances our firm’s capabilities and ability to hire additional military veterans,” said Phil McConkey, President of Academy Securities. “We are honored to be mentored and supported by such a respected group that shares our mission to employ veterans.”
Academy is a protege to JPMorgan Chase under the U.S. Department of the Treasury’s Mentor-Protege program. Through an agreement with the firm, JPMorgan Chase provides mentorship to Academy Securities, offering training and consultation on overall business and organizational management.
Academy also has a clearing agreement with JPMorgan Chase.
