Sommer will extend Quadriserv’s securities lending capabilities in the hedge fund community
NEW YORK, NY – June 13, 2006 – Quadriserv Inc., a pioneering provider of price
transparency and efficiency to the securities lending industry, today announced that Joseph M. Sommer has joined the Company as head of hedge fund sales. Sommer has broad experience in selling direct market access and proprietary trading technology to buy-side institutions and hedge funds from his years working at a number of leading investment banks, including UBS and Credit Suisse.
“Joe will play a leadership role in ensuring hedge funds understand and adopt
Quadriserv’s unique brokerage services, which are tailored to meet the increasing
demand for transparent, conflict-free securities lending,” stated Joseph Weinhoffer, cofounder and chief executive officer of Quadriserv. “As hedge funds become increasingly institutionalized, they are seeking ways to cut down transaction fees and boost performance. Quadriserv’s ability to facilitate securities lending directly from the lender represents an innovative and compelling means of achieving this goal. We look forward to Joe’s leadership as we accelerate our outreach to hedge funds, and we welcome him to the team.”
“Having spent a number of years helping top buy-side managers reduce costs and
improve performance through a wide range of trading innovations, it was immediately apparent to me that Quadriserv’s approach to securities lending would enable hedge funds to gain ‘operational alpha’ almost immediately,” stated Sommer. “Quadriserv’s un-conflicted and automated approach to securities lending will benefit investors in the same way increased transparency and competition changed equity trading. I am excited to be affiliated with such an innovative, progressive, and client-focused firm.”
Sommer was most recently the US Direct Execution Sales Manager at UBS in New York where he increased direct market access revenue and cultivated numerous relationships with buy-side traders at major institutions and hedge funds. Prior to UBS, Sommer was a director in Electronic Trading & Connectivity Services at Credit Suisse First Boston in New York. He was previously the Global Manager of Connectivity Services at Donaldson, Lufkin & Jenrette, prior to its acquisition by Credit Suisse. Sommer served on the US FIX Steering Committee and was Sell-Side Chairperson of RIXML. Sommer is NASD Series 24, 7 and 63 certified.
Sommer holds a BA in Psychology from the University of California at Irvine and a
Master of Public Administration from New York University.