BOK Financial adds new wealth management capabilities with key hires
March 27 2019 - 9:00AM
BOK Financial (NASDAQ: BOKF) has expanded its mortgage-backed
security desks to enhance CMO capabilities through two key hires.
Steve Palmer and Sung Cho will join the organization and head the
financial institution’s new issue CMO and agency CMO derivative
businesses.
The key additions continue the growth initiatives
in the organization’s agency structured products, pass-through and
asset-backed securities. This move demonstrates the firm’s
long-term commitment to these business lines.
“We are proud of what we have accomplished in the
past three years. We enhanced our market-making capabilities in
specified pools and ABS, as well as expanded our services to TBA
customers,” said Jerry Williams, director of national sales and
trading. “Our TBA initiatives and new CMO desk will allow us
to better serve our originator and institutional clients. We
look forward to improving our client reach and adding more product
lines to our growing balance sheet.”
Palmer has more than 25 years of experience trading
and structuring both agency and non-agency CMOs. Prior to joining
BOK Financial, Palmer traded non-agency CMOs at JP Morgan Chase
before running the mortgage platform at BNY Mellon and then
building out the new issue CMO platform at Keybanc. He has
extensive experience in the creation and analysis of structured
product cash flows as well as prepayment modelling. Steve is a
graduate of the Wharton School of Business with a degree in
economics and finance.
Cho will partner with Palmer on the new issue CMO
desk. Prior to joining BOK Financial, he worked at Merrill Lynch,
JP Morgan, Barclays and Citi. His expertise lies in valuation
of CMO cash flows and the embedded optionality, prepayment
projection and risk management of this product. He worked
intimately with numerous clients to provide market liquidity and
share his insight in optimizing a mortgage portfolio strategy to
accommodate client needs. Cho is a graduate of Columbia
University and holds a degree in computer science.
BOK Financial Corporation is a $38 billion regional
financial services company headquartered in Tulsa, Oklahoma with
$78 billion in assets under management and administration. The
company's stock is publicly traded on NASDAQ under the Global
Select market listings (BOKF). BOK Financial Corporation's holdings
include BOKF, NA; BOK Financial Securities, Inc., The Milestone
Group, Inc., CoBiz Wealth, LLC and BOK Financial Insurance, Inc.
BOKF, NA operates TransFund, Cavanal Hill Investment Management and
BOK Financial Asset Management, Inc. BOKF, NA operates banking
divisions across eight states as: Bank of Albuquerque; Bank of
Arkansas; Bank of Oklahoma; Bank of Texas; BOK Financial in
Colorado, and Arizona; and Mobank in Kansas and Missouri; as well
as having limited purpose offices Nebraska, Milwaukee and
Connecticut. Through its subsidiaries, BOK Financial Corporation
provides commercial and consumer banking, brokerage trading,
investment, trust and insurance services, mortgage origination and
servicing, and an electronic funds transfer network. For more
information, visit www.bokf.com.
Contact: Katy Hall BOK Financial Media Relations
katy.hall@bokf.com 918-588-6502
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