TD Securities is working with sister firm TD Waterhouse to launch an equity derivatives sales effort in San Diego that will focus on high-net-worth clients. Robert Baizer, managing director in charge of the West Coast effort, said the desk, which will launch Sept. 4, will also draw on parts of TD Securities' 30-member derivatives team in New York. The sales force for the new desk will mainly be based in San Diego, and pricing will be done in New York. There will be a small sales support staff in Manhattan.
Baizer said the San Diego desk could also look to bring in new hires next year, but it's too early to determine how many hires it would make. "It's very dependent on the pace of business," he said. The group will execute trades, draft legal documentation, and structure and market new products.
The desk will cater to high-net worth clients that are serviced through TD Waterhouse's Institutional Services division, which is based in San Diego. The division supports a pool of registered investment advisors, who assist high-net worth clients in managing their funds. The new desk will form a partnership with the Institutional Services division to offer clients equity derivatives, Baizer said.
