US specialty investment bank and broker-dealer, Ziegler, has moved its structured products practice into its Ziegler Capital Markets business unit. The practice was previously an advisory function of Ziegler Investment Banking, a firm specialising in the healthcare, senior living, education and religion sectors.
With this change, the structured products practice and Ziegler's short-term and money markets/tender option bond desk will be consolidated into a newly created interest rate products trading desk.
The new Chicago-based trading desk will be headed by managing director, Craig Naish (pictured), who said that Ziegler clients will see no change and will continue to be serviced in a proactive manner.
"The implementation of this new platform is necessary as dynamic regulatory and market environments demand a different approach to our seamless execution capabilities on behalf of our clients," said Naish. "With this new platform, we will continue to offer our customers products that align with their needs as well as market conditions."
Director of structured products at Ziegler, Scott Determan, will continue to lead the structured products platform and will report to Naish as well as Kevin Strom, head of capital markets. Determan will also be involved in a number of growth and strategy initiatives related to the new interest rate products trading desk.
"As we continue to execute our internal strategic plan, we are continually looking for opportunities to integrate and grow our trading and distribution channels. This integration accomplishes that goal," said Strom.
In addition, Maureen Egan has been promoted to trading specialist as part of the consolidation. Egan will assume a lead role in the pricing, trading and selling of the variable rate demand bond book managed by Ziegler Capital Markets.
Egan will also continue to oversee the regulatory, revenue and administrative responsibilities related to the variable rate demand bond book.