SAN FRANCISCO (HedgeWorld.com)–Douglas J. Engmann, a former ABN AMRO executive, joined PreferredTrade Inc. as chief executive.
Mr. Engmann left his job with ABN AMRO Clearing and Executive Services shortly after the company sold its prime brokerage business to UBS AG’s Investment Bank unit and allowed Merrill Lynch to take over its options and stock execution business.
The move pairs Mr. Engmann with his brother, Mike Engmann, who had served as chief executive at PreferredTrade. Mike Engmann will now serve as co-CEO, but his focus will shift to his new primary role as chairman, said Mark Bold, PreferredTrade’s president and chief operating officer.
“Doug is going to become the active executive officer,” Mr. Bold said.
The move comes at a time when PreferredTrade is expanding its business to include more services to hedge fund managers and also working to provide a steady stream of quotes for users of the various options exchanges. The firm has several business lines, including providing access to trading systems for active retail traders and offering a new automated electronic options pricing quote platform that floor traders and hedge fund managers can use to help match bids and offers on options contracts.