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May 02, 2005
Wachovia Securities Names Quinten Stevens Head of Equity Division
Stevens to oversee merger of Equity Capital Markets, Equity Linked Products groups
CHARLOTTE, N.C. -- Wachovia Securities announced today that veteran Wall Street banker Quinten Stevens was named Managing Director and head of the firm's Equity Division, spearheading the bank's push to join the ranks of Wall Street's leading equity firms. Stevens will report to Ben Williams, Managing Director and head of Global Capital Markets.
Stevens joins Wachovia Securities from JPMorgan Chase & Co., where he was co-head of Equity Capital Markets Americas. Stevens previously held a variety of equity capital markets and investment banking roles with Citigroup's Salomon Smith Barney Division.
"Quinten's track record of building leading equity platforms within a universal bank is ideally suited for Wachovia's rapidly growing capital markets business," said Williams.
Stevens, who holds an MBA in finance from New York University, will be based in New York, where Wachovia Securities will consolidate its equity sales, distribution and trading desks. The firm recently announced it has leased 160,000 sq. ft. of commercial office space at 375 Park Avenue in New York, signaling its deepened commitment to New York and the equity business. Wachovia's Equity Division also has offices in Atlanta, Baltimore, Boston, Charlotte, San Francisco and London.
In February, Wachovia Securities announced plans to combine the existing Equity Capital Markets and Equity Linked Products groups into a new Equity Division, which will provide origination, sales and trading of cash equity, convertible securities, equity structured products, and equity derivatives. The Equity Division is part of Wachovia Securities Global Capital Markets group headed by Williams, which also includes the Fixed Income Division and Global Research group.
Mickey Misera, a Wachovia Securities Managing Director who has led the Equity Capital Markets group for the past five years, was named Head of Cash Proprietary Trading, a new position that will report to Stevens. Todd Steinberg, Managing Director and former head of the Equity Linked Products group, has elected to leave the firm to pursue other opportunities.
Wachovia Securities last year was an underwriter on 97 equity offerings and lead manager on 34 of those transactions, ranking 10th in industry league tables based on number of deals. The equity capital markets business has grown at a compound growth rate of 25 percent a year since its formation five years ago. Wachovia Securities also ranks as a top ten trader of U.S. convertible bonds and institutional equity derivatives.
Wachovia Corporation (NYSE:WB) is one of the largest providers of financial services to retail, brokerage and corporate customers, with retail operations from Connecticut to Florida and west to Texas, and retail brokerage operations nationwide. Wachovia had assets of $493.3 billion, market capitalization of $83.5 billion and stockholders' equity of $47.3 billion at December 31, 2004. Its four core businesses, the General Bank, Capital Management, Wealth Management, and the Corporate and Investment Bank, serve customers primarily in 15 states and Washington, D.C. Its full-service retail brokerage firm, Wachovia Securities, LLC, serves clients in 49 states and five Latin American countries. Global services are offered through 33 international offices. Online banking and brokerage products and services also are available through Wachovia.com.
Wachovia Securities is the trade name for the corporate, investment banking, capital markets and securities research businesses of Wachovia Corporation and its subsidiaries, including Wachovia Capital Markets, LLC (WCM) and Wachovia Securities International Limited. Wachovia Securities is also the trade name for the retail brokerage businesses of WCM's affiliates, Wachovia Securities, LLC, Wachovia Securities Financial Networks, LLC, Wexford Clearing, LLC, and First Clearing, LLC.
Wachovia Capital Markets, LLC, is a U.S. broker-dealer registered with the U.S. Securities and Exchange Commission and a member of the New York Stock Exchange, the National Association of Securities Dealers, Inc., and the Securities Investor Protection Corp. Wachovia Securities International Limited is a U.K. incorporated investment firm authorized and regulated by the Financial Services Authority.
About Wachovia
Wachovia Corporation (NYSE:WB) is one of the largest providers of financial services to retail, brokerage and corporate customers, with retail operations from Connecticut to Florida and west to Texas, and retail brokerage operations nationwide. Wachovia had assets of $506.8 billion, market capitalization of $80.3 billion and stockholders' equity of $46.5 billion at March 31, 2005. Its four core businesses, the General Bank, Capital Management, Wealth Management, and the Corporate and Investment Bank, serve 13 million household and business relationships primarily through 3,277 offices in 15 states and Washington, D.C. Its full-service retail brokerage firm, Wachovia Securities, LLC, also serves clients through 693 offices in 49 states and five Latin American countries. Our Corporate and Investment Bank serves clients primarily in 10 key industry sectors nationwide. Global services are offered through 33 international offices. Online banking and brokerage products and services also are available through Wachovia.com.
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