PHILADELPHIA and NEW YORK, Sept. 17, 2013 (GLOBE NEWSWIRE) -- Institutional Financial Markets, Inc. (NYSE MKT:IFMI) ("IFMI"), a financial services firm specializing in credit-related fixed income investments, today announced that it has appointed Lester Brafman as Chief Executive Officer, effective immediately. Mr. Brafman, who has served as President of IFMI since June 2013, succeeds Daniel G. Cohen. Mr. Cohen will transition from Chief Executive Officer and Chief Investment Officer of IFMI to President and Chief Executive of IFMI's European operations, where he will continue to focus on growing the Company's European capital markets and asset management operations. Until the closing of IFMI's announced transaction with Mead Park Capital Partners LLC, and Cohen Bros. Financial, LLC, Mr. Cohen will continue to serve as Chairman of IFMI.
Mr. Cohen said, "Lester has been a terrific addition to IFMI's management team, and in his short time with the firm, he has already proven himself to be a great leader with an inspiring vision for IFMI. As market conditions continue to improve, I am confident that IFMI will benefit from Lester's deep capital markets experience and relentless determination to drive returns and increase shareholder value."
Mr. Brafman said, "I look forward to taking on this new role and to continuing to identify ways to enhance performance and implement best practices across our various platforms. After about three months with IFMI, it has been a pleasure to work with so many talented professionals as we execute on our strategies and work to make IFMI an employer of choice within the industry."As previously disclosed, the Company expects to close its announced transaction with Mead Park Capital Partners LLC and Cohen Bros. Financial, LLC immediately following IFMI's 2013 Annual Meeting of Stockholders, which is scheduled to take place on September 24, 2013. At that time, Jack DiMaio, Chief Executive Officer and founder of Mead Park, will be named Chairman, and Mr. Cohen will be named Vice Chairman of the Board of IFMI.