Gleacher Hires Head of Agency Trading

Gleacher & Co. Securities Inc., New York, has hired a head of agency trading and four other managing directors as part of the ongoing expansion of its fixed income platform.

Richard R. Baxter, who previously worked for Cabrera Capital Markets as head of taxable fixed income, has been named head of agency trading and will work out of Gleacher's New York office.

Gabe Borenstein, Christopher Owens, Daniel Baffoe and Jason Walsh also are joining the company as managing directors, with Borenstein and Owens working out of the New York office and the other two working out of Gleacher's Chicago office.

A spokesman confirmed that all the positions are new and Baxter's will include only agency debt trading, not agency MBS.

The company has been expanding its fixed income platform to capitalize on opportunities in mortgage-backed securities, rates and credit markets. It also has been building out a conforming/jumbo origination unit to complement that effort.

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