NEW YORK - February 16, 2022 - Clear Street, a new prime broker built on cloud-based infrastructure, today announced seasoned prime services expert Patrick Travers will join as the company's new Head of Distribution effective June 1st, 2022.
Travers will bring more than a decade of experience leading teams and developing go-to market strategies from his time at Wells Fargo and Bank of America. His most recent role at Wells Fargo was as Co-Head of Equity Finance and Co-Head of Global Distribution of Equities. At Clear Street, Travers will oversee and lead all sales teams, develop new business strategies and opportunities, and help clients achieve maximum value with Clear Street's products and services.
Travers will report to Andrew "Andy" Volz, Clear Street's Chief Operating Officer. Volz oversees Clear Street's sales and distribution activities, as well as new business initiatives to support the company's rapid growth strategy. Volz joined Clear Street in August 2021 after more than five years at JonesTrading, most recently serving as the firm's COO after leading Jones' Prime Services function.
Additionally, Clear Street has expanded its sales team with the following industry experts:
"We are thrilled to have an industry veteran like Pat take the reins of our growing sales team," said Volz. "Each member of the team brings years of experience, skills, and integrity. Under Pat's leadership, I am confident that we will continue to deliver a best-in-class experience for our clients. We look forward to what we will accomplish together in 2022 and beyond as we continue to expand our network and bring new products and services to market."
Clear Street also reported outstanding performance metrics, demonstrating more than 14% increase in annual revenue compared to 2020 and more than $400 million in capital to support the continued expansion of its balance sheet. Under the stewardship of an expanded senior leadership team, Clear Street is now clearing approximately 2% of the total volume in U.S. equities and processing more than $3 billion in daily trades.
"At Clear Street, we're proud to be at the forefront of innovation for the prime brokerage industry. Our modern tech stack provides real-time data insights that drive competitive advantage by minimizing operational costs, demystifying risk, and freeing our clients from manual processes," said Chris Pento, Co-Founder and CEO of Clear Street. "Looking ahead in 2022, we remain well-positioned for long-term growth and are committed to supporting our clients by providing them with easy access to everything they need to compete in today's markets."