Sanford C. Bernstein & Co. has beefed up its derivatives department with the addition of five new sales and trading pros. The desk focuses on options, index options and ETFs.
The nucleus of Bernstein’s expansion into derivatives is a three-man team from JPMorgan. But each of the five hires–three sales traders, one trader and a derivatives specialist–have about 15 years experience or more. The group is headed by Steve Miller, a sales trader, who came from JPMorgan along with fellow sales trader John Karl and trader Matt Tym. The three worked together at Bear Stearns before joining JPMorgan.
Bill Looney is the third derivatives sales trader hired. Looney joins Bernstein from Citi. Separately, Scott Jacobson joins as a derivatives specialist from Capstone Sales Advisors, where he was director of research. Jacobson’s role is to provide single-stock ideas and market volatility commentary.
The five new hires join trader Ralph Edwards and sales trader Walter Lamerton on the desk. Thomas Wright, head of global trading, confirmed the new hires, but declined additional comment.
