Debt boost at ABN Amro

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Dutch bank ABN Amro is undertaking a substantial recruitment program as part of its efforts to boost the bank’s high-grade credit and asset securitization capabilities for its US clients.

Wilco Jiskoot, ABN Amro managing board member, says: “We enjoy leading positions in the euro market for these two products, and this targeted investment will enable us to build a complementary presence in the US.”

The bank has already recruited more than 20 new staff in the US, and has plans to recruit more.

Among the recent hires are Peter O’Malley, who joins from Credit Suisse First Boston as head of debt capital markets, and John McCarthy who becomes head of US and Latin American credit markets. McCarthy’s responsibilities cover all investment-grade and sub-investment-grade financing for the bank in North America.

Caroline Morrill, who joins ABN Amro from Morgan Stanley, becomes head of ABS syndicate for the US, and will report to Jim Moore, the firm’s head of US asset-backed securitization and commercial mortgage-backed securities activity.

Also joining ABN Amro’s asset securitization group are William Haley and Cyrus Mohebbi. Haley, previously of JPMorganChase and Prudential Securities, will run the ABS origination business under Jim Moore, while Mohebbi will head the ABS structuring and analytics business.


Bear shuffles credit

US investment bank Bear Stearns has rearranged its New York and London credit and credit derivatives trading staff in response to investors now regarding bonds and default swaps as closer-related instruments.

According to Mark Davies, global head of credit derivatives trading at Bear Stearns: “The changes we have made reflect the way our customers look at single-name risk across both cash and derivatives, and structured risk across all regions.” However the bank is not merging the cash and derivatives flow trading teams.

In New York, James Kenny has changed roles from head of cash bond trading to be head of credit derivatives flow trading. He reports to Mark Davies.

Bill Fenwick, who was formerly a senior trader, will take up Kenny’s role as head of trading for corporate bonds, reporting to Kelley Millet, global head of high grade.

Also, Martin St. Pierre former co-head of the New York credit derivatives team, has moved to the London office to oversee structured credit derivative trading on a global basis.

“Our aim is to continue to grow the global credit derivatives business at Bear by leveraging off the strength of the New York operation,” says St. Pierre. “My transfer to London was a strategic decision to take advantage of the opportunities on offer in the structured business and to set London up as the hub for the global structured credit derivatives business.”


MS staffs up high yield

Former high-yield sales manager in Morgan Stanley’s US team, Armins Rusis, has relocated to London to head up European high-yield sales. He will report to the global head of high yield, Mitch Petrick, and Jonathan Chenevix-Trench, head of European fixed income.

Senior US high-yield trader Patrick Lynch has also crossed the Atlantic to become head of European high-yield trading under Rusis. And Matt Courey, formerly a member of Morgan Stanley’s high-yield credit research team in New York, has joined Lynch’s London trading team.

Former high-yield industrials analyst at Goldman Sachs, Peter Morris, has joined Morgan Stanley’s European credit research team. He will report to Cathy Gronquist.

Meanwhile, Morgan Stanley’s US team has also undergone some changes. Senior high-yield trader Kevin O’Malley has been named head of high-yield syndicate following the departure of Matt DeFusco. Steve Rosen, who has joined Morgan Stanley in New York after 10 years with Lehman Brothers, will assume Rusis’s former account relationships; while Michael Donaghue has taken on Rusis’s duties as head of high-yield sales. Roger Gilbert, head of loan sales, has taken responsibility for distressed sales.

At the same time, Michael Miller and Dan Allen have been appointed co-heads of US corporate risk management. The two are heads of distressed corporate bond trading and head of loan trading respectively. Kevin Corgan becomes head of high-yield bond trading, and will report to Miller.

Finally, Matt Carter, formerly Morgan Stanley's airline sector analyst in the high-yield research team, joins the trading group to trade high-yield transport bonds; and Peter Tackus joins the trading team from Citigroup Asset Management.


Global head for CSAM

Credit Suisse Asset Management (CSAM) has appointed Dennis Schaney, formerly at BlackRock Financial Management, to the new position of global head of fixed income. He becomes one of three global heads that oversee CSAM’s core businesses – fixed income, equity and alternative investments.

Schaney joins CSAM after five years at BlackRock, where he was instrumental in founding BlackRock’s high-yield business and where he was also co-head of taxable credit research and a member of their investment strategy group. Previously, Schaney spent nine years at Merrill Lynch and four years at First Boston.

Schaney will report to CSAM’s chief executive officer, Michael Kenneally, who has been responsible for a series of structural changes since he joined CSAM from Bank of America in March.

Kenneally says: “Dennis is a highly skilled fixed-income professional with proven leadership skills and a strong track record of providing value to clients. He is an experienced manager and business builder who started the successful high-yield business at BlackRock from scratch.”


Also on the move...

Barclays Capital has hired Ina Koren as a senior research analyst in its US securitization team in New York responsible for the coverage of the home equity loans market. Koren joins Barclays Capital from Wachovia Securities, where she was head of consumer asset-backed securities research. Before that, she spent 11 years at Prudential Securities. She will report to Mark Pibl, head of the US investment-grade and ABS research unit. Nancy Gloor is also joining the firm as global head of fixed-income technology, reporting to Kevin O’Reilly, head of IT and strategic planning. Gloor joins from the London office of Goldman Sachs.

Commerzbank Securities has hired three debt professionals for its global credit teams in New York and London. In New York, Eric Langille joins as head of US flow trading, from Bear Stearns, where he worked in the fixed-income business. Stephen Lobb joins as head of credit restructuring in London from Bank of Nova Scotia. Another addition to the London team is Desmond Chopping as credit trader responsible for trading cash bonds and credit default swaps in the media and technology sectors. Langille and Lobb report to Michael Staveley, global head of credit trading. Chopping will report to the European head of flow trading in London, a post that is still to be filled.

Canadian rating agency Dominion Bond Rating Service (DBRS) has beefed up its operations to provide a more comprehensive, in-depth credit analysis. Manroop Jhooty joins DBRS’s structured finance team as a senior financial analyst. Prior to joining DBRS, Jhooty worked for three years in the mergers & acquisitions group of Monitor Company. Also joining is Jarrett Bilous, who becomes senior financial analyst in DBRS’s industrials and transportation team. Bilous moves from TD Securities, where he was an institutional equities research associate for over three years in the industrial products sector.

RBC Capital Markets, the investment banking unit of Royal Bank of Canada, has hired Jean-Luc Servat as managing director and head of the US financial institutions group. Servat will be based in San Francisco and report to Doug McGregor, head of global investment banking. Most recently, Servat worked at Fox-Pitt, Kelton, where he was a managing director and head of the West Coast financial institutions group.

JPMorganChase has appointed Martin Labrecque from Toronto Dominion Bank to the position of head of markets in Montreal, Canada. Labrecque will be responsible for debt sales for JPMorganChase and replaces Sean Sirois who has left the bank. The bank has also promoted Deep Kholsa of Toronto to head the Montreal office. He reports to Adam Howard, the bank’s chief executive in Canada.

Scott Gewirtz has relocated to New York from Deutsche Bank’s Frankfurt office. His role change involves taking up the position of co-head of the US Treasury team, after being employed as European co-head of fixed income. Michele Foresti, formerly co-head of European fixed income will be in sole charge of the unit.

Barclays Global Investors has added two regional managers to its securities lending business. Kevin McNulty joins to cover securities lending in Europe and Asia and Patrick Dunne becomes regional manager in North America. McNulty will also have additional responsibility as global coordinator of securities lending product development. Dunne will deal with trading and product development in the US and Canada. Both report to Mike Williams, global securities lending manager.

Federated Investors has appointed Michael Granito as senior vice president and head of capital market research. In his new role, Granito will work with the firm’s investment units and sales team.

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