Ex-Bear CEO Schwartz makes first move at Guggenheim
Former Bear Stearns chief executive Alan Schwartz has hired a Bear alumnus to join him at Guggenheim Partners LLC and build an equity trading desk at the Chicago-based asset management firm.
Former Bear Stearns chief executive Alan Schwartz has hired a Bear alumnus to join him at Guggenheim Partners LLC and build an equity trading desk at the Chicago-based asset management firm.
Mr. Schwartz, who became Guggenheim’s chairman this summer, hired Kenneth Savio, the former co-head of trading and sales at Bear Stearns.
Mr. Savio, who spent 18 years at Bear, officially became a Guggenheim employee at the end of July, according to the Financial Industry Regulatory Authority Inc. of New York and Washington.
A spokesman for Guggenheim was not immediately available for comment on Mr. Savio’s position.
Mr. Schwartz took over from former Bear CEO Jimmy Cayne last January, three months before Bear Stearns Cos. Inc. was acquired by JPMorgan Chase & Co. Both firms are headquartered in New York.
Guggenheim Partners has roughly $100 billion in assets under supervision, according to its website.
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