Michael Minikes has been named CEO of Bear Stearns Securities Corp. (BSSC) and Robert Upton will assume the title of treasurer of The Bear Stearns Companies Inc.
The global clearing operations of Bear Stearns are conducted primarily through BSSC and, as the CEO of that entity, Minikes will oversee these operations as well as serve the firm’s prime brokerage and correspondent clearing clients.
Minikes was instrumental in both establishing Bear Stearns’ prime brokerage business in the early 1980s and in forming BSSC in 1991. The prime brokerage, correspondent clearing and advisory services businesses contributed to record revenues for Global Clearing Services of $1.2 billion in 2007.
In addition to his duties as treasurer of the holding company, Upton will continue to manage the firm’s corporate treasury functions globally, which includes global funding, funding/liquidity risk management, capital raising and capital allocation, asset/liability and balance sheet management, rating agency, bank and fixed income investor relations, and transfer pricing/interest allocation within the firm.
“Mike has played a tremendous role in making Bear Stearns’ clearing business one of the finest in the industry. As CEO of BSSC, Mike’s depth of knowledge, leadership and strong client relationships will continue to benefit the firm and our clients greatly,” says Alan D. Schwartz, president and CEO, The Bear Stearns Companies Inc.
“Over the duration of his career at Bear Stearns, Bob has made an outstanding contribution to the firm. His actions in modifying, managing, expanding and increasing the efficiency of the firm’s corporate treasury functions have added significant value, while helping to facilitate the firm’s dramatic growth over the past five years,” adds Schwartz.