NEW YORK, May 30, 2007 (PRIME NEWSWIRE) -- Quadriserv Inc., a pioneering provider of price transparency and efficiency to the securities lending industry, today announced that it has significantly strengthened its core securities lending business with the addition of Bruce C. Turner, who will join the Company as Chief Operating Officer. Mr. Turner will report directly to Co-Founder and Chief Executive Officer Joseph Weinhoffer, and will oversee operations, sales, and business development for all aspects of Quadriserv's securities lending initiatives.
During his 20-year career in the securities industry, Turner has distinguished himself by overseeing the design and implementation of multiple new trading products. As an Executive Vice President at Nasdaq, Turner played a lead role in the final development and marketing of the SuperMontage project, an advanced order display and execution system that facilitates a faster, more informed trading market. More recently, Turner served as co-head of the US Equity Division at CIBC World Markets, where he developed new trading products to combat declining commission margins and was responsible for all domestic operations of CIBC's research, sales, trading and equity capital markets.
"Bruce is the ideal hire for Quadriserv as we enter a new growth phase," stated Mr. Weinhoffer. "He brings a proven track record of successfully implementing new trading technologies and driving top-line growth -- attributes that are essential elements to Quadriserv's future success. We look forward to Bruce's leadership role in expanding our customer base, overseeing implementation processes, and growing the organization."
"We are also pleased that Bruce brings substantial managerial experience through his tenure serving on CIBC's US Management Committee, as well as his management of large trading desks. These skills will be of particular relevance to Quadriserv as we continue to build out our own corporate team and aggressively pursue growth," Mr. Weinhoffer concluded.
"Technology is driving inevitable changes in the equities execution marketplace, resulting in margin compression, demands for more transparency and unbundling," Mr. Turner added. "This trend is also impacting the securities lending industry where hedge funds and institutional lenders are seeking performance optimization through cost effective, transparent means of executing securities lending transactions.
"Quadriserv is on the leading edge of serving this new market, and the positive reception from existing customers gives me great confidence in the Company's potential. I look forward to working with the experienced industry veterans who comprise the Quadriserv management team, and to helping the Company execute its vision."
Mr. Turner brings diverse equity markets experience to Quadriserv over a 20-year career, with increasing levels of responsibility. Prior to his role as co-head of CIBC's Equities Division, Turner was a Managing Director and Head of CIBC's US Equity Trading and Sales trading, where he was responsible for the day to day operation of a 150-person sales and trading desk while overseeing development of electronic and program trading. Previously, Mr. Turner was an Executive Vice President at Nasdaq, responsible for final development of the SuperMontage Project, as well as marketing strategy and materials. Earlier in his career, Mr. Turner was a Managing Director and Head of Nasdaq Trading at Salomon Smith Barney, where he was responsible for a 125-person sales and trading desk, as well as the development of new trading products.
Turner holds a BA from Connecticut College (1987) and will receive an EMBA from the Trium Global program, a joint degree from New York University, The London School of Economics, and HEC Paris. He was a member of the Nasdaq Quality of Markets Committee, the NYSE Upstairs Traders Advisory Committee, and is currently a member of the National Organization of Investment Professionals.
About Quadriserv Inc.
Founded in 2001 by a group of industry veterans, Quadriserv is a NASD broker/dealer that enhances the efficiency of the securities lending industry through the operation of an automated securities lending marketplace. Quadriserv provides confidential, un-conflicted daily price discovery and transparency by anonymously and directly connecting borrowers and lenders of securities. As a result, pension funds better realize the full intrinsic value of the securities they are lending, while hedge funds and other asset managers reduce short-selling costs by borrowing securities directly from beneficial owners of assets. For more information, please visit: www.quadriserv.com