NationsBanc Montgomery Securities Inc. has appointed Jonathan Sandelman to the executive committee of its Montgomery division, which oversees the firm's equity and mergers advisory business.
Mr. Sandelman, a senior managing director and director of equity derivatives and convertibles, joined the firm last December from Salomon Smith Barney, where he was a managing director of global equity derivatives.
He is the second appointment to the committee in as many months. Carter McClelland, a Wall Street veteran who joined Montgomery in September, was also named an executive committee member. Both men are based in New York.
It is the first time that the San Francisco-based firm will have two executive committee members based in New York. Until September there was one, Jerome Markowitz.
Mr. Markowitz left the firm in September to join Montgomery's departing chief executive, Thomas Weisel, in a new merchant banking enterprise.
But the appointment of Mr. Sandelman and Mr. McClelland to the executive committee was not made necessary by these two departures, said a company spokeswoman. "It does represent our ongoing to commitment to increasing our New York presence," said Montgomery spokeswoman Jennifer Smith.
Mr. Sandelman will continue to oversee Montgomery's equity derivatives and convertibles businesses and will remain in the firm's New York office. He will also assume responsibility for supervising prime brokerage, clearing services, and stock loan capabilities.
NationsBanc Montgomery Securities is the investment banking subsidiary of the new BankAmerica Corp., Charlotte, N.C. It was a subsidiary of NationsBank Corp. before that banking company merged with BankAmerica Corp. on Sept. 30.
Though the section 20 subsidiary has not changed its name to reflect the new ownership, most insiders expect it to do so eventually.