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Piercy Bolts Matrix Capital.
Tom Piercy, who helped build Matrix Capital Markets here into one of the busiest servicing brokerages in the nation, has resigned from the company and launched his own firm with other former Matrix officials.
"We just felt Matrix was pushing us more into whole loan trading and that's not a direction we wanted to go," Mr. Piercy said.
According to industry officials familiar with the matter, Mr. Piercy's recent departure from Matrix culminated when he and another servicing trader at the company, Jim "Bo" Sherrill, offered to buy Matrix's servicing business from the publicly-traded parent, Matrix Bancorp.
However, when Matrix's management balked at the idea, the company then turned around and fired him and Mr. Sherrill.
Mr. Piercy, who carried the title of managing director when he left, did not dispute that ...
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