BHC Securities has tapped Barbara J. Schaefer as vice president of sales, overseeing the brokerage firm's push into banks.
The Philadelphia-based unit of BHC Financial is a leadingprovider of processing and clearing services. Its 42 clients include bank brokerage affiliates and other financial institutions.
Clearing agents like BHC Securities execute brokers' buy and sell orders, and prepare and mail trade confirmations and account statements.
Ms. Schaefer's position is considered a key one as the company has been intent on adding new clients - primarily banks - to its roster.
Chase Manhattan Bank is BHC's newest addition. This month BHC started running the bank's investment product program with the help of a new unit, BHCM Inc.
According to the company, it expects to announce the addition of another bank client of "significant" size next month.
Ms. Schaefer, who will report to Morris L. Miller, senior vice president of client services, will be in charge of targeting banks with at least $3 billion of assets.
"Our experience has shown those are the banks that have really worked at their investment products," Ms. Schaefer said, adding that such banks would want to partner with BHC because of the company's "state-of-the art" technology.
Mr. Miller said that his company, which is working with Chase on a customized computer system, this month started clearing annuity transactions for its clients and incorporating the annuity trades in a single consolidated brokerage account.
Ms. Schaefer has spent 14 years in the securities industry, in a variety of positions in the sales, marketing, and client development arenas. Most recently, she helped integrate securities operations at banks as regional sales manager for the securities arm of Cincinnati-based Fifth Third Bancorp.
Ms. Schaefer is not unfamiliar with the inner workings of BHC; where she worked there in 1986, helping convert bank brokerage offices to the company's clearing system.