Stock market brokerage firm SSIF Broker Cluj recently hired a team of five to deal with institutional clients, having poached them from UniCredit CAIB Securities România, which ended trading securities in Romania late 2012. With the new team, SSIF Broker Cluj will expand its array of services with a package dedicated to institutional clients.
The five new additions to the team are Adriana Marin, former Director of Analysis with UniCredit CAIB Securities România, who is now manager of the institutional clients division with SSIF Broker; Carmen Arsene, former Senior Analyst with UniCredit, and now in a similar position with SSIF Broker; Serban Marin, who also kept his position as Trading Director for institutional clients; Daniel Gavrila kept his position as Senior Trader, while Cătălin Nae-Șerban will work as Legal Counsel, similarly to his job with UniCredit CAIB Securities România.
The SSIF Broker team expanded to over 50 employees and over 20 collaborators. The company is the only financial investments firm listed on the Bucharest Stock Exchange, currently with over 12,000 shareholders. The biggest institutional shareholder is SIF Muntenia, with 12.5 percent of the shares. No shareholder can hold more than 15 percent of the company, according to its statute. SSIF Broker is a founding member of the Bucharest Stock Exchange and of the Sibiu Stock Exchange – Sibex.
UniCredit CAIB Securities, one of the most active brokerage firms on the Bucharest Stock Exchange (BVB), closed down activity in Romania and ceased transactions at end 2012.
While the move was regional for ING, which also closed down brokerage activities in Romania in 2012, so far in UniCredit's case only Romania is affected. UniCredit CAIB Securities was the fourth largest intermediary company on the BVB, with a market share of some 6.6 percent, and some EUR 250 million in trading.