In Brief: Bank of N.Y. Hires Eastern Sales Exec

NEW YORK - BNY ESI & Co., Bank of New York's brokerage subsidiary, has hired Nicholas Peluse to be senior vice president overseeing direct sales and sales support in the East at its directed brokerage program for retirement plan sponsors.

A directed brokerage program lets investment managers trade with a designated broker, then credit a portion of the commission for the trade to the plan sponsor's plan or fund. Plan sponsors or funds in turn can use the accrued commissions to buy research, pay invoices, or receive cash payments.

Before joining BNY ESI, Mr. Peluse was vice president of sales at Rochdale Securities Corp., also in New York.