Wells Fargo Forms Client Trade Services Group, Names McCooey Head of Prime Services

Wells Fargo Securities has formed a Client Trade Services group and appointed senior leader Dan Thomas as head of the new group and Eamon McCooey as head of Prime Services.
By Janet Du Chenne(59204)
Wells Fargo Securities has formed a Client Trade Services group and appointed senior leader Dan Thomas as head of the new group and Eamon McCooey as head of Prime Services.

The client trade services group resides within Wells Fargo Securities’ Markets and will consist of Prime Services, OTC Clearing, Futures Clearing and Execution, and Funding and Liquidity Management divisions.

Dan Thomas will report to Tim Mullins and Walter Dolhare, co-heads of the Markets division. He was formerly the head of Rates and Commodities Sales and Marketing. “As the market structure for fixed income and equity products evolves, we have created a coordinated and product-agnostic approach to help our clients manage their funding, collateral and technology needs,” said Dolhare. “Under Dan’s leadership, our new Client Trade Services group will allow us to efficiently manage risk and compete successfully in an evolving marketplace.”

McCooey is expected to join Wells Fargo in September. He was previously with Deutsche Bank, serving most recently as head of US Prime Brokerage. He has also held senior finance positions at Canadian Imperial Bank of Commerce and Kidder, Peabody & Company. McCooey holds a Bachelor of Finance degree from Iona College. He is expected to join Wells Fargo in September.

Wells Fargo added Prime Services through its 2012 acquisition of Merlin Securities. “Wells Fargo’s core strengths in trade execution and lending, combined with newer offerings like Prime Services and Clearing enable us to now provide our clients a complete suite of financial solutions,” Thomas added.

As part of its Client Trade Services group, Wells Fargo currently offers its clients full service OTC and Futures Clearing and is adding in-house Securities Clearing capabilities. “Building out our clearing capabilities is an important component of the overall Client Trade Services business strategy,” said Wells Fargo veteran George Simonetti, head of Markets Clearing and Futures Execution. “Our clients will continue to need access to clearing venues globally. We’re providing them with a high quality service that allows them to efficiently manage their collateral, especially in light of mandatory regulatory clearing requirements.”