Firm says its latest hires will expand its broker-dealer support business. Bear Stearns is pushing for sales in the broker-dealer segment of its independent-advisor support business Broker-Dealer & Investment Advisor Services (BDIAS). To that end it has recruited four industry veterans; two as salesmen and two as account officers.

The account officers are Robert Mumby and John Wellington. Michael Calvelli and Mark Van Ostenbridge are the new sales team members.

They all report to Gil Addeo, head of sales for the part of BDIAS that focuses on broker-dealers as opposed, mainly, to RIAs.

These four "bring a wealth of experience and proven records of success in selling and providing thoughtful solutions to the broker-dealer community," says Addeo. "They join us at a significant time as we enhance the service and support we offer our clients."

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That's a reference to the recent launch of BDIAS' BearVIEW advisor desktop and other efforts aimed at upgrading Bear Stearns' clearing and custody business which trials those of Schwab, Fidelity, TD Ameritrade and Bank of New York Mellon.

Managing directors Mumby and Wellington will work to maintain client-firm relationships by helping them figure out how to use BDIAS achieve their goals. Calvelli and van Osternbridge (respectively a managing director and an associate director) will focus mainly on bringing in new business.

In the course of a 25-year career, Mumby has worked in executive positions with firms like Newbridge Securities, Cowen and Company, Societe General Securities and Alex. Brown.

Wellington was most recently COO of Advest a broker-dealer recently acquired by Merrill Lynch, another of his former employers. He has also worked at Smith Barney.

Calvelli was last the president of Sorrento Pacific, a broker-dealer firm that provides investment support to community banks and RIAs. Before that he managed the West Coast business of Pershing, the clearing and custody subsidiary of Bank of New York Mellon Van Ostenbridge's was in sales at Pershing.

BDIAS co-head Joe Triarsi says Bear Stearns' "goal is to provide a high level of service and solutions to our clients that extends beyond the scope of clearing. We are a resource that provides insight, products and services to fuel growth and drive revenue for our clearing partners."

BDIAS is a business unit of Bear Stearns' Global Equities division. -FWR

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