Velox Clearing, simply known as Velox, is an RIA custodian, as well as a prime broker. The firm, based in California, has recently managed to onboard Micheal Higgins to serve as the head of its prime brokerage section. The company’s prime brokerage caters to small to midsize hedge funds and brokers, itself. The company just barely had its official launch go through during 2019 but has now appointed Higgins as the Chief Executive Officer, or CEO.
Seven Years A Senior
Higgins has been a busy man before his acquisition by Velox. He served a seven-year tenure within LPL Financial, one of the heavyweights within the US’s financial advice markets in the retail industry. The company stood as one of the US’s largest independent brokers, as well, and Higgins was a member of it from 2013 to 2020.
Through these seven years, Higgins managed to work his way up through several senior roles within LPL. At the end of it, Higgins served as the Head of Operations within the company. Furthermore, Higgins was in control of the risk management division of LPL.
Before LPL, Higgins served a similar amount of time within AXA Advisor, specifically its broker/dealer unit, as well as the 401,000 retirement units within it.
There were other stops within Higgins’ career, as well. One such stop was a four-year stint as an executive vice president of one HB CAPITAL LLC. The company serves as technology development and international trading firm with self-clearing capabilities. Within this time, he served as a senior executive within three other broker-dealers: NYSE, CBSX, and FINRA. With this position, Higgins managed to execute over 1.2 billion in shares every month, using it for HFT and proprietary trading accounts.
Veteran In Every Sense
Higgins started his career a whole thirty years ago, back in 1990. He joined Charles Schwab back then and was responsible for seven branch offices’ retail activities, all of which were located in New York. Furthermore, he spearheaded the efforts the company had made to establish its presence within the UK. After the London presence was developed for the broker, Higgins served as the manager for all London operational staff, leading them from the NYC headquarters.
Velox has been attracting several known names within the brokerage world, scattered all around the globe. The company is pushing hard into space, offering a product that combines custody and clearing services as well.