New York (Press release) – Gar Wood Securities, LLC hired hedge fund industry veteran John McCorvey III as Senior Vice President of its Global Prime Brokerage business unit to spearhead the expansion of the firm’s Capital Introduction service, and to ensure that Gar Wood’s prime brokerage offering continues to effectively address (and anticipate) the needs of its core hedge fund clientele.

McCorvey joined Gar Wood Prime from Direct Access Partners where he was Senior Advisor of Global Prime Services. Prior to his role at DAP, Mr. McCorvey was the Senior Vice President at MadisonGrey, (which at the time was Bank of Butterfield’s domestic Hedge Fund Administration business) where he led the firm’s growth from approximately $100mm in Assets Under Administration (AUA) to approximately $2bn in AUA.

Mr. McCorvey stated, “I’m very excited to be a part of the Gar Wood team. The firm has a unique value proposition and focus on small- to mid-sized hedge funds – providing the same range and level of global prime resources as those of global investment banks serving the largest managers ($1bn+). Gar Wood delivers a comprehensive array of services including multi-asset class trading coverage, best execution, portfolio margining, stock lending, margin financing, technology, operations, reporting, traditional and seed capital raising, and cap intro.”

McCorvey went on to say, “The industry is changing rapidly and the prime brokerage service platform is evolving as well. There have been a number of mini-prime mergers, acquisitions and closures recently as some of the larger investment banks have moved into the mid-tier space. Additionally, clearing firms have also culled their introducing prime brokerage relationships. Given the current climate, we believe the smaller hedge funds are being underserved. Our goal is to fill the void created by these market changes and provide an institutional-quality global prime solution for the small hedge fund universe.”