Liviu Giugiumica, manager of BRD Securities, which currently ranks fourth among brokerages on the stock market, has recently confirmed that he is to leave BRD bank's brokerage for its rival CA IB Securities, part of the HVB Group.

CA IB Securities in late May occupied sixth position in the brokerage ranking.

According to some market sources, another three people in the BRD Securities team, including Adriana Marin, manager of the research department, will also leave. However, Daniel Pocorea, the company's head of trading, will continue to work for BRD Securities, the same sources say.

"The reason I'm leaving is that I have accomplished my mission with BRD.
 
I've brought the company to a point where it's managed to boast remarkable achievements and for me personally it's time to choose new challenges in my career," Liviu Giugiumica told ZF. He declined to disclose any details regarding the identity of the people that may join him at rival CA IB Securities. "All I want to say is that I'm leaving behind a strong, solid team, capable of further important achievements," said Giugiumica. Liviu Giugiumica, 39, took over the position of general manager of BRD Securities (at that time BRD Invest) in February 2002.

Brokers on the market say that Liviu Giugiumica and Adriana Marin's departures are expected to affect the company.

"Any departure from a top management position entails a short-term customer loss and a drop in the volume of trading. When joining another company, a broker is primarily "selling" his customer portfolio and it is because of this that his salary and other benefits are considered. When you see your manager and main analyst leave that means you have an image problem given that the human factor is what matters most on this market," specified the manager of one of the biggest brokerages on the market.

Giugiumica considers, though, that one cannot say that his leaving will mean BRD Securities will lose some customers.

"It is not necessarily true that my departure would entail the departure of some customers. Most institutional customers that are present in Romania are trading through all the major brokers," says Giugiumica.

Giugiumica will reportedly take over the position of general manager of CA IB Securities, whilst the position of chairman will go to Dan Pascariu, who is also HVB Bank chairman.

One of the people under consideration for a management role in BRD Securities is Dragos Neacsu, a managing partner with Dragon Finance consultancy. Neacsu worked as chairman of Raiffeisen Capital & Investment until late 2004, when he left to take over the position of secretary of state with the Finance Ministry.

source