StoneX Financial Inc., a subsidiary of StoneX Group Inc. (NASDAQ:SNEX), has announced the launch of a U.S. defeasance sales and trading offering, a new capability that continues the ongoing expansion of its U.S. Fixed Income business.

As part of this expansion, StoneX also announced that Zach Frick, Les Jennette, and Joseph Forchione have joined the company. All three were previously with Truist Securities (formerly BB&T) and bring a combined 40 years of experience delivering commercial and municipal debt defeasance solutions.

The team will report to Hunter Hill, Head of Agency Department Trading at StoneX, and will be based in Richmond, VA area where StoneX intends to open a new office to house the business and grow locally.

Robert LaForte, Co-Head, Global Fixed Income, StoneX Group, commented:

“The launch of the defeasance team is another milestone in the growth of StoneX’s fixed income franchise, and furthers our robust portfolio of solutions to service the needs of our clients. The new team consists of high-caliber, experienced professionals who will contribute to driving the future growth of our business.”

Les Jennette and Zach Frick will join as Managing Directors and Co-Heads of Defeasance Sales & Trading, while Joseph Forchione joins as an Executive Director.

StoneX’s Fixed Income business works with institutional clients across the financial services spectrum, including money managers, hedge funds, insurance companies, municipalities, banks, and others – closely working hand in hand with clients to understand their unique needs. StoneX provides analysis and trade ideas that lock in value and uncover opportunities within its clients’ strategies and portfolios. Backed by the financial strength of parent-company StoneX Group Inc., the Fixed Income team desks provide consistent liquidity across a robust array of fixed income products.