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The firm hired Keith Cynar from Goldman Sachs Group Inc. and Jordan Brink from Morgan Stanley to co-head US rates sales, according to Jordan Cila, head of US fixed income sales. Both executives will be based in New York, reporting to Cila starting in May.
'We have a mission to be a true partner and trusted liquidity provider to our clients,' Cila said in an interview Thursday. 'These additions are very much within that framework and goal.'
Cynar and Brink, both managing directors, spent nearly all of their careers at Goldman and Morgan Stanley, respectively, according to industry records. Brink was co-head of US interest rates sales at Morgan Stanley, while Cynar spent over 23 years at Goldman, most recently in interest rate product sales, according to their LinkedIn profiles.
The hires underscore Citadel Securities' ambition to grow its rates business and compete with Wall Street banks such as Goldman and JPMorgan Chase & Co. It's been hiring from some of those firms, including Jim Esposito, Goldman's former co-head of banking and markets, who became president last September. Just last week the firm added Goldman's Scott Rubner to the institutional derivatives business, where he will draw on its data and offer insights and commentary to clients.
Citadel Securities made another key sales hire for its rates business, tapping Paul Hutchen, who was managing director, hedge funds and asset managers rates sales at BNP Paribas, for its US rates sales team, according to executives. Hutchen will focus on hedge fund clients, also based in New York starting this month.
Representatives for Goldman, Morgan Stanley and BNP Paribas declined to comment.
Citadel Securities has made a concerted effort to streamline its operations to better connect with institutional clients. It aligned its products across equities and fixed income to mimic Wall Street heavyweights like Goldman. In December they created a new Strategic Client Coverage Group, led by Goldman veteran Av Bhavsar.
The firm's rates market-making business, which started a decade ago, doubled the number of its trading clients in the last five years to over 1,000, according to Cila. Nohshad Shah, who previously led EMEA rate sales at Goldman, was hired by Citadel Securities in December to run Europe, Middle East and Africa fixed income sales. There, it's been building out its rates business as new member of the bund issues auction group, allowing it to participate in primary auctions of German debt.
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