Bank of New York boosts sales trading in Boston

BNY Brokerage, a subsidiary of The Bank of New York, has expanded its Boston office, adding a new sales trading desk and hiring a Fidelity executive to lead it.

Richard Collett, who joins as head of sales and trading in Boston, comes to the firm from Fidelity Capital Markets, where he was responsible for institutional sales and business development.

Collett will be responsible for developing new trading relationships for the firm in the Boston and New England markets.

As part of this effort, BNY Brokerage has also hired Kevin McCarthy and Mark Guarente as senior sales traders in Boston.

McCarthy joins from Susquehanna International Group, and Guarente joins from Fulcrum Global Partners.

BNY Brokerage's expansion follows the bank's recent establishment of an office in Boston to serve affluent clients and investment advisers with an array of wealth management services.