Dennis Angeles has left HSBC Securities, where he was an investment-grade trader focusing on bonds with short maturities. Angeles was the sole short-end traders remaining after Paul Stendig and Kris Deodato, Angeles' former supervisor, who had also traded the short book, recently left the firm to join J.P. Morgan Securities.
HSBC has suffered a steady stream of departures this year after a mass exodus last year, but firm officials insist the rebuilding effort is already underway (BW, 5/25). A call to Mike Allen, managing director, corporate bond trading, was referred to Pamela Plehn, a firm spokeswoman, who declined comment.
Angeles will join Miller Tabak Roberts Securities to trade high-yield industrial and crossover credits, according to former colleagues. He did not return a call to his mobile phone, and Ken Casey, head trader at Miller Tabak, says "We decline to comment on anything that isn't official yet."