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JonesTrading Institutional Services LLC, a leading agency brokerage, which provides institutions with block trading in securities, announced today that it has named industry veteran Andrew Tuthill as Managing Director and Head of its Capital Markets Group and a member of the Executive Committee.
JonesTrading Capital Markets provides liquidity to the corporate and private equity communities and is in part a response to the increased demand by institutions for an unconflicted agency model in secondary offerings.
Mr. Tuthill brings seventeen years of experience in investment banking, trading and equity capital markets to the position. Most recently he was Managing Director - Head of Special Situations for the Equity Capital Markets Group at Thomas Weisel Partners. He previously served as Managing Director with the ECM team at UBS Investment Bank. He also held a senior position at JP Morgan. He will report to Packy Jones, Chairman and CEO of JonesTrading and will be San Francisco based.
Said Packy Jones, Chairman and CEO of JonesTrading: “JonesTrading's success is contingent on bringing our clients the liquidity they need. We have a deep bench of experts in each of our groups who apply the JonesTrading model to the products we offer our clients. Andrew Tuthill will build and expand on the success we have already established for the capital markets. Andrew brings the expertise and experience that our clients have come to expect from JonesTrading.”
Said Andrew Tuthill, Head of Capital Markets, JonesTrading: “Institutions seek to add value to their businesses and our ability to deliver a capital markets product fills that need. The JonesTrading approach to Capital Markets offers clients an efficient and cost-effective alternative to the traditional model for secondary offerings. I expect clients will continue to seek alternatives that allow them to raise capital at advantageous prices. JonesTrading’s Capital Markets Group is designed, because of its ability to access liquidity on an agency basis, to bring clients that alternative, and I look forward to helping JonesTrading build this important part of their franchise.”
For public companies seeking to raise additional equity, JonesTrading offers a cost-efficient, “quiet” financing alternative called At-The-Market offering or ATM. The At-The-Market offering or ATM enables sales of a company’s stock via JonesTrading on an agency basis directly to the markets, driven by the timing and financial needs of the company. Using its network of global institutional investors, JonesTrading will access liquidity on behalf of publicly traded companies. On behalf of institutional investors JonesTrading conducts reverse inquiries into public companies to structure secondary or private placement offerings.
For private equity firms looking to exit their publicly-held positions, JonesTrading offers a block trading solution that allows institutional investors to buy or sell large blocks of stock without moving the market. Unlike passive crossing networks that simply match open buy and sell orders, the JonesTrading solution allows investors to proactively source liquidity that may not be currently available in the markets.
