NEW YORK (HedgeWorld.com)-Two Wall Street executives have formed a hedge fund and derivatives recruitment and capital-raising firm, Broadreach Group.
Broadreach’s founders are Managing Director Brian Grover, who was previously executive vice president of KBC Financial Products, New York; and Director Paul Sassa, formerly a vice president in the global portfolio management group in private banking at Deutsche Bank AG, New York.
In order to speed the development of the company, Broadreach has partnered with both an established recruiter and an established capital-raising firm. The recruiter, Andy Gogates of the Gogates Group, New York, will continue to operate separately but will work with Broadreach on selected assignments. Mr. Gogates is an executive director of Broadreach.
Mr. Grover said he hopes to tie together his extensive contacts across hedge fund and derivatives disciplines with the recruitment experience of Mr. Gogates, who historically has worked with a select group of clients.
“It’s an alliance of mutual convenience” where each party can help the other out, Mr. Grover said.
A similar arrangement has been made with a third-party marketing firm, though Mr. Grover declined to name the firm for regulatory reasons. The founder of that firm also will be an executive director of Broadreach.
How much of the Broadreach’s time will be spent on recruiting vs. capital raising will depend on clients’ needs. Mr. Grover said he anticipates that larger hedge fund operations will be more interested in Broadreach’s recruiting capabilities, while emerging hedge fund firms more likely will tap into a broader selection of the company’s services.
Broadreach executives would be able to act as an emerging firm’s chief operating officer, assisting with hiring and capital raising and with early stage business decisions.