SumRidge Partners, the Jersey City, N.J.-based fixed-income securities trading firm, has launched a new liaison desk for independent financial advisors so that wealth advisors can have access to research, tactical investment ideas and trading execution on bond securities regardless of the firm’s size.
Michael DiAgostino will lead the new effort, which SumRidge estimates could serve about 100 RIA and independent broker-dealers.
The company has three client segments: institutional clients who need access to liquidity in the fixed-income markets, wealth management firms and private banks, and the RIA and independent broker-dealer channel.
As part of the service, SumRidge will offer advisors daily, weekly and monthly trading desk commentary in the fixed-income markets. SumRidge serves many former wirehouse advisors, according to Kevin Morano, SumRidge chairman says. These are the types of services that those advisors had routine access to, and which they rely on to make investment decisions about their clients’ portfolios.
RIA firms that already use SumRidge’s trading services say the firm stays focused on the needs of its advisor clients. “They are very diligent about taking care of clients,” says Mag Black-Scott, CEO of Beverly Hills Wealth Management. “The liaison desk and the whole team executes very well.”
Morano and Tom O’Brien, chief executive officer and president, both left long careers at Morgan Stanley to found SumRidge Partners in 2010. In 2008, they were named co-heads of Morgan Stanley Smith Barney’s Capital Markets division. Black-Scott is also a Morgan Stanley alum and previously served as vice chairman of its global wealth management business.
Donna Mitchell writes for Financial Planning.