As director of Stoever Glass, a New York-based corporate and municipal securities firm, Roland Stoever runs the company’s proprietary trading book. Committed to staying up-to-date on new developments in financial services, Roland co-founded and is the President of Stoever Glass Wealth Management, an advisory-based Firm created out of the 50 year-old broker/dealer.
Earlier in the year, Stoever Glass added Kosta Velis, CIMA, CFP as the COO for their new Wealth Management division.
Firmly committed to the expansion of the overall Firm, they have hired three new industry professionals since April 2014.
Roland Stoever graduated from New York University with a master’s of business administration. Soon after graduating, he joined Stoever Glass in a directorial position. Roland Stoever is a longtime fan of Mariana Rivera and enjoys following the New York Yankees and New York Jets when he is not working.
Since retiring at the conclusion of the 2013 Major League Baseball season, legendary Yankee Mariano Rivera has spent his time renovating an abandoned church in New Rochelle, New York. He and his wife have converted the space into the Refugio de Esperanza, a community resource that will soon feature a learning center.
Regarding his baseball legacy, Mariano Rivera is one of just 27 pitchers to have entered the 300 club, a distinction reserved for closing pitchers who have recorded 300 or more saves. Rivera, who pitched for 19 seasons, is professional baseball’s all-time saves leader with 652 games under his belt. His talents as a pitcher were recognized with 13 appointments to the American League All-Star team between 1997 and 2013, highlighted by an All-Star Game MVP Award in 2013. He earned the Comeback Player of the Year Award during his final season. Above all else, Yankees fans will remember Rivera for his part in five championship titles, including his turn as World Series MVP in 1999.
Roland Stoever joined the municipal bond specialist firm Stoever Glass after he earned his MBA from New York University in 1993. Today he serves as the firm’s director, running the firm’s capital and markets desk and the proprietary trading desk. Roland Stoever also oversees the firm’s other operations.
Established in mid-1964, Stoever Glass was only the second Wall Street firm to specialize in municipal bonds for the individual investor. Most firms that dealt in “munis” handled served large clients, like banks and insurance companies. While there were some individual investors who bought municipal bonds, most were very wealthy. Thus, not many brokers were familiar with municipal bonds, a fact that contributed to Stoever Glass’ success through the years as more investors found themselves looking for alternative investments. Some investors turned to their regular brokers, but others turned to Stoever Glass, which was developing a stellar reputation.
The firm is especially well-known for the quality of its research. In early 1977, during the midst of the New York City financial crisis, the city’s bonds were routinely trading for 30 to 50 cents on the dollar. Stoever Glass was exploring what appeared to be untapped potential in New York City Housing Authority bonds that might raise their value above that dismal level. Persistent research uncovered a much more valuable fact — because many of the city’s housing programs had been converted from city to federal government programs starting in the late 1960s, Housing Authority bonds weren’t guaranteed by the city, but by the federal government.
The firm had the fact confirmed by outside lawyers and then by the federal Department of Housing and Urban Development. When the news broke in February 1977, it made headlines nationwide, and had immediate consequences. Moody’s, the investors’ rating service, immediately upped the bonds’ rating from a very bad Caa to the absolute best Aaa, and the bonds value skyrocketed, handing bondholders a $15 million profit as the result of Stoever Glass’ diligent research.