Gar Wood Securities, LLC has hired John McCorvey III as senior vice president of its Global Prime Brokerage business unit to spearhead the expansion of the firms capital introduction service.
McCorvey joins Gar Wood Prime from Direct Access Partners where he was senior adviser of Global Prime Services. Prior to his role at DAP, McCorvey was the senior vice president at MadisonGrey (at the time Bank of Butterfields domestic hedge fund administration business) where he led the firms growth from approximately $100 million in assets under administration to approximately $2 billion.
Gar Wood is committed to its client-centric approach, consistently delivering high-touch client service across all facets of our business, says Gar Wood CEO Bob Jersey. We are very pleased to have John join our team and we look forward to the added value that this strategic move brings to our clients.
Saying he is excited to join Gar Wood, McCorvey adds: The industry is changing rapidly and the prime brokerage service platform is evolving as well. There have been a number of mini-prime mergers, acquisitions and closures recently as some of the larger investment banks have moved into the mid-tier space. Additionally, clearing firms have also culled their introducing prime brokerage relationships. Given the current climate, we believe the smaller hedge funds are being underserved. Our goal is to fill the void created by these market changes and provide an institutional-quality global prime solution for the small hedge fund universe.