Jane Street hired Morgan Stanley's head of US rates sales
Proprietary trading firms like Jane Street don't manage money on behalf of clients but that doesn't mean there isn't a place for salespeople. The electronic trading firm has a sizeable sales and trading division which "work[s] with top institutional investors and asset managers;" it just hired a top rates salesperson from Morgan Stanley to bolster that team.
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Lindsay Bofman, Morgan Stanley's head of US rates sales, announced that she is joining Jane Street's sales team in New York. Finra's BrokerCheck tool suggests that her last day at Morgan Stanley was last Friday, and that she hasn't officially started work at Jane Street yet. Bofman spent eight years at Morgan Stanley, making MD in 2021. Before that, she spent a decade with Barclays, also focused on interest rates sales, having started her career with Lehman Brothers in the summer of 2008.
She's not the first sales MD from a bank to join Jane Street. Niamh Taylor, a former MD in prime and alternatives sales for JPMorgan, joined Jane Street in London at the start of last year to work on 'bank and broker management.' She was also previously hedge fund Schonfeld's head of EMEA.
What exactly will Bofman be selling at Jane Street? The firm did not respond to a request for comment. Jane Street does much more than just algorithmic trading these days; for example, the FT reported earlier this month that the firm is now the biggest player in the Asian equities block trading space. Finra reports show that 'Jane Street Capital LLC' provides services to multiple major banks; it offers "clearance, custody and other services" to Bank of America, Goldman Sachs and JPMorgan while providing "prime brokerage services" to Wells Fargo, BNP Paribas and Cantor Fitzgerald.
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