Bear Stearns snares another top credit derivatives executive

Bear Stearns has made another senior hire in its rapidly expanding credit derivatives department. Alex Reyfman will join the US investment bank in New York as managing director and head of credit derivatives research.

Reyfman, who previously held a similar role at Goldman Sachs, will report to Dale Westhoff, senior managing director in financial analytics and structured transactions at Bear Stearns. Westhoff said Reyfman's strong relationships and reputation in the market were the key factors in his appointment.

The US investment bank hired Mark Davies from Credit Suisse First Boston in May, followed by Mark Timmis from the same bank three months later. Davies heads the global credit derivatives operation in New York, while Timmis runs the European desk.

Davies said he was pleased with the continued growth of the department. “Alex is the ideal person to help us expand. His understanding of the industry will prove to be extremely valuable,” he added.