NEW YORK, Nov. 11, 2008 (GLOBE NEWSWIRE) -- Quadriserv announced today several additions to its professional staff to support its ongoing initiatives. These initiatives include, most notably, the Company's recent confirmation that its wholly owned subsidiary, Automated Equity Finance Markets, Inc., is working with the Options Clearing Corporation ("OCC") to operate AQS, a centralized securities lending platform. AQS will commence operations in early 2009.
The key additions who will support this effort, as well as the Company's future growth plans, include:
* Mark Baumgardner, Head of Clearing Member Services. Mark joins
Quadriserv after 22 years with the Options Clearing Corporation
("OCC"). He most recently served as Vice President of Business
Development after gaining experience in the Operations, Quality
Assurance and Risk Management functions at the OCC. In his role as
Vice President, Mark supervised the Stock Loan Hedge Program and
worked extensively with OCC clearing members.
* Andrew Lazar, Head of Borrower Sales. Andrew joins from UBS
Securities, LLC, where he served as a Director in the U.S.
Institutional Rate Product Sales Department. During his 11 year
tenure at UBS, Andy was responsible for the direct product
distribution of U.S. Libor-based derivatives, U.S. Treasury and
Agency bonds, as well as the attendant Repo transactions to hedge
funds, central banks, and asset managers.
* John Fegan, Head of Operations. John joins from TIAA-CREF, where he
supervised a multi-billion dollar equities portfolio and oversaw
daily settlement of cash and securities for both domestic and
international equities lending. John has over 28 years of
experience in the securities lending industry.
* Alex Silenok, Head of Technology Integration. Alex joins from
NYFIX, where he served as the Vice-President of East Coast
Professional Services of NYFIX's OMS Division. During his 5 year
tenure, Alex was responsible for product implementations and account
management.
* Baha Rudin, Head of Customer Integration. Baha joins from
RiskMetrics Group, where she was a Director of Hedge Fund Sales, and
was responsible for new business and renewals. Baha began her
career over 9 years ago as a proprietary equity trader.
"We believe the securities lending industry is transitioning to a more transparent, efficient, market-based approach -- an evolution for which Quadriserv has been a leading advocate and innovative force," said Tom Perna, Quadriserv's Chief Executive Officer. "We are now poised to enter the market with AQS, an automated marketplace for securities lending and borrowing, centrally cleared through the Options Clearing Corporation. Our recent hires in operations, sales and marketing will significantly advance these efforts, and we are very pleased these highly-skilled professionals have joined the team."
"Our ability to continue to invest resources to expand our team and seize the opportunity before us reflects the support and confidence of our strategic investment partners," Mr. Perna concluded. "They have been instrumental in our accomplishments to date and share our vision of a new, marketplace-based model for the industry going forward."
About Quadriserv, Inc.
Quadriserv is a leader in delivering transformational market structure changes to the securities lending industry, including beneficial owners, agent and custodial banks, broker dealers and hedge funds. Its wholly owned subsidiary, Automated Equity Finance Markets, Inc., has developed and will operate AQS, a centralized securities lending platform, beginning in early 2009. AQS is being launched in partnership with the Options Clearing Corporation, which will act as the central counterparty to all securities lending transactions matched on the AQS platform. For more information, please visit www.quadriserv.com.
AQS is a trademark of Automated Equity Finance Markets, Inc.