The last week has seen some changes in capital markets at Bank of New York Co.
Brian G. Rogan has been named president of the bank's section 20 subsidiary, BNY Capital Markets Inc. He will succeed Richard Rodelli, who resigned last week.
Mr. Rogan, 40, has been in the bank's commercial lending section for 16 years, most recently as the head of secured and regional commercial lending. He will report to Gerald Hassell, a senior vice president and the bank's head of corporate banking.
Mr. Rogan is not a capital markets veteran, but given his long tenure at the bank, he "has to have a strong knowledge of the big picture," said Rick Glass, a partner with the Sacramento, Calif.-based executive recruitment firm RT Glass Group.
BNY Capital Markets has also made some recent acquisitions. On Monday, it announced the completion of its purchase of Mendham Capital Group Inc. This Roseland, N.J.-based institutional broker-dealer specializes in the research and trading of corporate high-yield and crossover/investment grade securities, as well as government and agency securities.
Mendham's client base-which includes major mutual funds, money managers, and insurance companies-suits the purposes of the bank's capital markets unit, said a spokesman for the bank.
BNY Capital Markets has participated in 18 financings, which have raised over $5 billion for its corporate clients, , since receiving its debt and equity underwriting powers last year.
Though that is a small part of revenues at the nation's 16th-largest bank holding company, "the capital markets group is there primarily to support the needs of the bank's corporate clients," said the spokesman.
These clients include some of the big names on Wall Street-the same companies that other large commercial banks are now vying to compete with. Bank of New York receives a large part of its revenues from providing custodial and processing services to others in the financial services industry.
In another recent deal, BNY Capital Markets acquired a minority equity stake in Financial Models Co. This Toronto-based software company develops modeling software for the investment industry. Bank executives plan on marketing these products to investment management organizations, and to the bank's existing client base.