BTIG Reinforces Equity Market Division with New Head

<p>New
York-based financial services and institutional trading firm BTIG has announced
the promotion of Michael Passaro to the role of Head of Equity Capital Markets
(ECM). In his new role, Passaro will lead the equity capital markets team and work
with BTIG's industry bankers to provide strategic advice to clients on equity
solutions for capital raising needs. </p><p>BTIG Announces Promotion
of Michael Passaro to Head of Equity Capital Markets</p><p>The
promotion of Passaro comes as part of <a href="https://www.financemagnates.com/tag/btig/" target="_blank" rel="follow">BTIG's </a>broader push to expand its
capabilities in equity capital markets and related investment banking services.
</p><p>Anton LeRoy,
the CEO of BTIG, expressed confidence that Passaro can “drive growth and
expansion of our equity capital markets division, providing clients with
innovative transactional solutions that <a href="https://www.financemagnates.com/terms/l/leverage/">leverage</a> our vast distribution network.”</p><p>Since
joining BTIG in 2020, Passaro has played a key role in expanding the
firm's equity capital markets group. He previously spent time at Deutsche Bank
and Raymond James where he focused on equities transactions for venture capital
and private equity funds. </p><p>BTIG’s Hiring Spree</p><p>The
promotion is part of an BTIG's ongoing effort to build out its
equity capital markets team. BTIG recently brought on Anthony Faria as a
Director of ECM where he will focus on ECM origination and
execution. Previously, Faria held ECM positions at RBC, UBS and Wells Fargo.</p><p>LeRoy, the
current CEO, is a personnel change <a href="https://www.financemagnates.com/institutional-forex/btig-announces-leadership-changes-anton-leroy-takes-charge-as-ceo/" target="_blank" rel="follow">from a few months ago</a>, who replaced
Scott Kovalik. Steven Starker, the other Co-Founder, has assumed the position of Co-Chairman of the Group along with Kovalik.</p><p>BTIG
provides services in areas like <a href="https://www.financemagnates.com/terms/i/institutional-trading/">institutional trading</a>, investment banking,
research and brokerage to over 700 employees globally across 20 cities in the
U.S., Europe, Asia and Australia. The firm's investment banking division
advises clients on IPOs, SPAC deals, private placements, buybacks and other
transactions.</p><p>$200 Million Suit against
StoneX</p><p>In
November, <a href="https://www.financemagnates.com/institutional-forex/btig-files-200-million-suit-against-stonex-for-alleged-code-theft/" target="_blank" rel="follow">the company filed a legal action</a> against its competitor, StoneX Group,
alleging the theft of its proprietary software code and confidential business
information related to its stock trading technology. The lawsuit, lodged in a
California court, seeks compensation of at least $200 million.</p><p>The
accusation by BTIG revolves around StoneX purportedly poaching a group of
BTIG's traders and software engineers. According to BTIG, the aim was to acquire confidential information for developing rival trading platforms
and business ventures.</p><p>The lawsuit
claims that at least one ex-BTIG staff member secured the company's software
code by encrypting it and sending it to himself, a tactic intended to evade
detection. BTIG's legal representatives pointed to text exchanges between two
ex-employees, one of whom had moved to StoneX, discussing the appropriation of
BTIG's software code.</p>

This article was written by Damian Chmiel at www.financemagnates.com.