Barclays Capital has hired ex-UBS trader Drew Doscher to build its distressed loan trading group. He will be a director and head of U.S. distressed trading, a new position. He will report to John Kreitler, managing director and head of credit trading.
A spokeswoman said Doscher has not started trading loans yet; however, the bank started trading par loans May 8. Jason Moynihan, a former par trader at Lehman Brothers, heads the par loan division. The spokeswoman would not comment on any additional hires to the distressed desk, but said Doscher will be responsible for building the team. Doscher founded and co-managed the distressed debt division at UBS. Before that he was a distressed debt trader at Lehman.