inancial Trust is expanding the operations of its registered broker-dealer, RAIT Securities LLC, growing the subsidiary's institutional fixed-income sales and trading business across a range of fixed-income securities. The company hired two new managing directors, Michael Gaffney and Kenneth Kates, and plans to focus particularly on real estate-related structured products. "Market participants have seen a barrage of newly created broker-dealers attempting to take advantage of current market conditions," notes RAIT Financial Trust CEO Scott Schaeffer. "RAIT Securities is unique in that it will offer its institutional clients the combined market making capabilities of seasoned professionals and the deep real estate and structured product knowledge and relationships of RAIT's real estate professionals." Gaffney and Kates both join RAIT Securities from Wachovia Capital Markets, where they worked in the company's Structured Product Fixed Income Sales unit. SOURCE: RAIT Financia
