ATLANTA - Gilmore Securities & Co., based in Fair Lawn, N.J., this week opened an office in Boca Raton, Fla.
The move is part of a plan to expand the firm's overall presence along the East Coast and increase its business in municipal securities trading and underwriting, the firm's president. Daniel D. Gilmore said yesterday.
Gilmore Securities has been active in sales and trading of both taxable and tax-exempt bonds since its founding in 1989, but has had relatively limited involvement in municipal bond underwriting.
Gilmore said the firm anticipates opening two more offices in the next year, perhaps in Louisiana and South Carolina. The firm already has a branch office in New York City.
"There are a lot of bond buyers in Florida, and we wanted to have an office in the state where we could sell both taxables and municipals." said chief financial officer Brian Gilmore.
The firm will initially employ six securities professionals at its Boca location, Brian Gilmore said, but he foresees as many as 20 additional employees there. One area of expansion will be into municipal bond underwriting, he said.
Initially, the municipal bond division in Boca Raton will be limited to trading and institutional sales, he noted.
The new office will be managed by Marty, Tenner, who joined the firm a month ago as a senior vice president. Brian Gilmore said. Tenner was formerly with Reading, Pa.-based Meridian Capital Markets, and before that with Glickenhaus & Co.
Tenner will also manage the firm's southeast institutional sales department out of the Boca Raton office.
Two municipal bond specialists. James Burns and Leslie Bloom, join Tenner in Boca Raton, Brian Gilmore said.
Burns, previously a trader with Municipal Securities Inc. in Memphis, was named a vice president of municipal trading. He will focus on the high-yield area.
Bloom, named vice president in municipal institutional sales, was previously a bond salesman with Brunoff, Claire & Co., at its Boca Raton office.