ESP Technologies, LLC, parent company of Electronic Specialist, LLC, says Frank Mangiafico will be the firm’s new Executive Chairman.
Mangiafico is the former President and CEO of Merrill Lynch Professional Clearing Corp., a wholly-owned subsidiary of Merrill Lynch, Pierce, Fenner & Smith. As part of his responsibilities he had oversight of client service areas for all clients, including hedge funds, broker-dealers and on-floor exchange professionals, and headed the effort to develop real time reporting and electronic execution capabilities.
“Frank Mangiafico has a wealth of experience in information technology, prime broker services and clearing, operations, finance and regulatory reporting, client service, relationship management, electronic execution platforms and risk control,” says David Sher, a founder of ESP. “He will be a great asset to ESP as we continue to grow and forge new partnerships within the electronic trading industry.”
Prior to joining Merrill Lynch Professional Clearing Corp. (formerly Wagner Stott Clearing Corp.) in 1987, Mangiafico was on the audit staff for Oppenheim, Appel, Dixon & Co. He has been an active participant in industry groups including the SIA Clearing Firms Committee and Capital Committee. Mangiafico holds a Bachelor of Science degree from Boston University.
“ESP has developed a unique technology platform and trading infrastructure enabling hedge funds, institutional investors and brokers to transact business electronically, and ESP’s products and services go beyond the competition,” says Mangiafico. “I am looking forward to working with their management team as they continue to develop new ways to provide value-added services to the financial community.”
ESP Technologies LLC’s subsidiary Electronic Specialist, LLC is a New York-based technology firm and registered broker-dealer and is an NASD and NFA member. Electronic Specialist provides direct market access execution capabilities in US and global equities, options, and futures to buy-side and sell-side clients. Electronic Specialist’s client base includes hedge funds, pension funds, mutual funds, investment managers, and broker-dealers. There are over 20 trading application providers and order management systems integrated with ESP’s Global DMA network and EARN (Electronic Algorithmic Routing Network).