NEW YORK (HedgeWorld.com)–A new eight-person sales team has been formed in Bear Stearns’ interest rate futures department. Industry veterans Roland Morris and Richard Cardone will head the New York-based team and will broaden the distribution of the firm’s futures services to institutional clients with a focus on the hedge fund sector. Earlier this year, Bear Stearns hired a new senior managing director and sales manager as part of the firm’s commitment to grow its futures business.

In a statement, Ronald Hersch, senior managing director and head of the futures department, said the expertise of Mr. Morris and his team will further distribute the firm’s futures capabilities throughout the fixed-income, institutional equities and global clearing services divisions.

Mr. Morris has more than 20 years experience in the industry and most recently was with Salomon Smith Barney.