US-based financial services provider B. Riley Financial has named Dan Shribman as its new CIO.

Based in New York, Shribman will aid the company in identifying value investments and maximising capital allocation.

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Shribman said: “The number of exciting prospects for us to leverage our balance sheet into profitable opportunities seems to grow by the day.

“We currently own a compelling group of assets and hope to continue to grow each of our subsidiaries through thoughtful capital allocation.”

Along with his new responsibility, Shribman will retain the role of president of the company’s subsidiary B. Riley Principal Investments.

Shribman joined B. Riley in 2018. He previously worked in a New York-based special situation asset manager as a portfolio manager.

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His financial career includes involvement in capital markets financings, corporate turnarounds, and capital deployment initiatives.

B. Riley Financial chairman and co-CEO Bryant Riley said: “I am pleased to announce Dan’s promotion as our Chief Investment Officer.

“As the dynamic between active and passive continues to shift towards passive investing, our diversified platform provides us with unique insight and an ability to invest in and alongside our clients and partners, which in turn creates opportunities for us.”

In June this year, B. Riley Wealth Management launched its first branch in Pennsylvania.

Last July, B. Riley Financial appointed Bryant Riley and Tom Kelleher as co-CEOs. The company also named Kenny Young as its new president.