New York-based financial services and institutional trading firm BTIG has announced the promotion of Michael Passaro to the role of Head of Equity Capital Markets (ECM). In his new role, Passaro will lead the equity capital markets team and work with BTIG's industry bankers to provide strategic advice to clients on equity solutions for capital raising needs.

BTIG Announces Promotion of Michael Passaro to Head of Equity Capital Markets

The promotion of Passaro comes as part of BTIG's broader push to expand its capabilities in equity capital markets and related investment banking services.

Anton LeRoy, the CEO of BTIG, expressed confidence that Passaro can “drive growth and expansion of our equity capital markets division, providing clients with innovative transactional solutions that leverage our vast distribution network.”

Since joining BTIG in 2020, Passaro has played a key role in expanding the firm's equity capital markets group. He previously spent time at Deutsche Bank and Raymond James where he focused on equities transactions for venture capital and private equity funds.

BTIG’s Hiring Spree

The promotion is part of an BTIG's ongoing effort to build out its equity capital markets team. BTIG recently brought on Anthony Faria as a Director of ECM where he will focus on ECM origination and execution. Previously, Faria held ECM positions at RBC, UBS and Wells Fargo.

LeRoy, the current CEO, is a personnel change from a few months ago, who replaced Scott Kovalik. Steven Starker, the other Co-Founder, has assumed the position of Co-Chairman of the Group along with Kovalik.

BTIG provides services in areas like institutional trading , investment banking, research and brokerage to over 700 employees globally across 20 cities in the U.S., Europe, Asia and Australia. The firm's investment banking division advises clients on IPOs, SPAC deals, private placements, buybacks and other transactions.

$200 Million Suit against StoneX

In November, the company filed a legal action against its competitor, StoneX Group, alleging the theft of its proprietary software code and confidential business information related to its stock trading technology. The lawsuit, lodged in a California court, seeks compensation of at least $200 million.

The accusation by BTIG revolves around StoneX purportedly poaching a group of BTIG's traders and software engineers. According to BTIG, the aim was to acquire confidential information for developing rival trading platforms and business ventures.

The lawsuit claims that at least one ex-BTIG staff member secured the company's software code by encrypting it and sending it to himself, a tactic intended to evade detection. BTIG's legal representatives pointed to text exchanges between two ex-employees, one of whom had moved to StoneX, discussing the appropriation of BTIG's software code.