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Kellogg and Silverman yield to Cader and Goldring
Peter Kellogg and Harvey Silverman are arguably the most powerful men on Wall Street but they're wielding a little less clout in their own backyard
The senior partners of Spear, Leeds & Kellogg-which controls more inventory in equities and options than any other marketmaking firm-last month handed day-to-day management of the firm to Andrew Cader and Gary Goldring.
"Peter Kellogg and Harvey Silverman will remain as senior managing directors and will be available when called upon," Spear Leeds' eight-man executive committee wrote in a two-paragraph memorandum to employees dated Sept. 11. "We all extend our sincere appreciation to Peter and Harvey for their many years of service to the firm and for their contributions to come in their new roles."
It remains unclear just what those new roles are and whether they will translate into altered financial interests among the partners of Spear Leeds' trading, clearing and brokerage empire-or whether it betokens a longanticipated move to take SLK public. In the short run, it appears, little has changed.
Reached at his desk after 5:00 p.m. last Wednesday, the famously private Kellogg confirmed the shift in management responsibility ("It sounds right to me") but claimed ignorance as to how it would play out for him and Silverman. "It beats the hell out of me," he said before hanging up with the standard refrain that the firm doesn't speak to the press.
Silverman couldn't...