Trading Firm Focuses on MBS

Equity trading firm Rochdale Securities recently established a fixed income sales and trading division, which will devote its attention to mortgage-backed securities, asset-backed securities (ABS) and other securitized products. The new team will be led by three industry veterans: Michael Glover, Brandon Dunn and Brett Houghton. Glover and Houghton are both Lehman Brother veterans. Glover most recently worked as head of securitized product sales for the firm. Houghton traded and invested in catastrophe bonds, insurance-linked securities and asset-backed products, and led the esoteric ABS trading desk at Lehman. Dunn came from UBS Investment Bank, where he was head of US structured product sales. The firm intends to expand into other fixed income sectors in the near term, with the hires. Rochdale also provides brokerage services and market research to institutional clients Write to Kelly Curran.