COR Clearing Announces New Senior Leadership Team

OMAHA, Neb.--(BUSINESS WIRE)--COR Clearing LLC, a leading independent correspondent clearing firm, today announced the formation of its new senior leadership team.

“The new team brings with them the expertise, energy and professionalism needed to lead the company through our plans for growth and improvement.”

“Over the past months, we have assembled a team of key managers to augment our existing leaders,” said Carlos P. Salas, President of COR Clearing. “The new team brings with them the expertise, energy and professionalism needed to lead the company through our plans for growth and improvement.”

The new team includes Mr. Salas, who joined COR Clearing as President. Carlos P. Salas is an executive with COR Securities, the Company’s parent, and brings a background in private equity, operations and investment banking. Before his association with COR, Mr. Salas led investments in and managed a portfolio of growth-oriented public and private companies with Dolphin Advisors. Previously, he was an investment banker with Donaldson, Lufkin & Jenrette and Credit Suisse, focusing on middle market M&A and corporate finance transactions, and a corporate attorney at Cleary, Gottlieb, Steen & Hamilton. Mr. Salas has also served on the boards of directors of several public and private companies.

Richard Thoeny joined COR Clearing as Senior Vice President of Operations. Mr. Thoeny came to COR from Comprehensive Software Systems, an enterprise brokerage software development company where he was the director of five divisions, executive board member and founding member of both the product and technical vision strategy groups. Mr. Thoeny has extensive industry and technical experience beginning his career at Microsoft in 1991 then joining Bidwell & Company, a self-clearing national broker-dealer in 1994 where he left as Vice President of Operations.

George W. “Tres” Arnett, III joined the company as Executive Vice President and General Counsel. Prior to joining the company, Mr. Arnett was General Counsel for Pershing affiliate HedgeMark International, having also served as a Managing Director and Senior Managing Counsel at Pershing LLC. He was previously a Deputy Attorney General with the New Jersey Division of Criminal Justice and has served on a number of industry committees, including the Securities Industry and Financial Markets Association’s (SIFMA) Prime Brokerage Committee and the State Regulation and Legislation Committee. He is currently a member of SIFMA’s Clearing Firms Committee.

Sandy Herzfeld joined COR Clearing as Head of Fixed Income. Mr. Herzfeld has held senior management positions in capital markets throughout his career, including many years at Pershing LLC and previously at other leading firms such as Mabon, Nugent & Co. and Cowen & Co. He specializes in building holistic fixed income trading platforms, infrastructure and customer-focused businesses. Mr. Herzfeld has been a pioneer in the industry of fixed income electronic trading platforms and was a founding Board of Directors member of BondDesk Group LLC. Mr. Herzfeld also serves as an industry member of the FINRA Arbitration unit.

“Our new senior managers join CEO Chris Frankel and CFO Jeff Sime to complete a highly capable team. In conjunction with the industry veterans on the board of our parent COR Securities—which include Alton Jones, Ric Duques, Marshall Geller and Steven Sugarman—the new team gives COR Clearing the capabilities it needs at a critical time of investment and growth.”

About COR Clearing LLC (www.corclearing.com) — COR Clearing, based in Omaha, Nebraska, is a FINRA member firm providing securities clearing and other services to correspondent FINRA member firms. Its current client correspondent roster includes more than 75 broker/dealers. Securities clearing and settlement is the process of matching, recording and processing transaction instructions and exchanging payment between counterparties for broker/dealers and their clients making securities trades.

About COR Securities Holdings, Inc. (www.corsecurities.com) — COR Securities Holdings, Inc. is a private investment firm focused on the financial services space and providing management and advisory services to its portfolio companies. COR’s investment professionals have significant experience structuring, underwriting, and financing transactions for companies primarily in the financial services, real estate and energy sectors.