Securitization People and Markets

At least three high-grade sell-side analysts and one investor argue that a number of telecom credits have likely gotten ahead of themselves. Seven of the nine U.S. credits in the sector were trading through their 18-month averages last Tuesday, according to Doug Colandrea, head of high-grade research at Bear Stearns.

The Seaport Group, a research and relationship driven brokerage boutique, is beefing up its efforts in dealing with off-the-run bank loans and large loan sales, trade claims and the equity of reorganized companies, said Marc Baum, chief operating officer. The firm has been increasing its staff to support these efforts, adding Terry Horn, senior v.p., to work with bank loans, John Sosnowski as v.p. of research and I-Wen Lim as a research associate.

Westdeutsche Landesbank has hiredTom Murray,Credit Suisse First Boston's former point man for power project finance loan syndication, as a managing director to fire up its loan and private placement effort for power and energy. Murray, who left CSFB Nov. 8 as part of the firm's strategic cutback in the area, joins the German landesbank's New York team this Monday, said Howard Moseson, managing director at WestLB, who declined further comment.

Peter O'Malley has left his position as a director in the debt capital markets department at Credit Suisse First Boston, according to a person familiar with the situation. He did not return a call to his home, and neither his reason for leaving nor his future plans could be determined. Peter Milhaupt, CSFB's head of U.S. debt capital markets, would not comment on whether O'Malley had been let go.

John Leupp has been released from his position as an analyst covering gaming at Credit Suisse First Boston, according to a person with knowledge of the situation. Leupp could not be reached, and Tom Klamka, co-head of high-yield research at CSFB, did not return calls. It could not be determined whether the firm plans to replace him.

J.P. Morgan Fleming Asset Management, in a move to consolidate and cut costs, has let go five team leaders in its fixed-income team, according to BW sister publication Money Management Letter. Those released include Jay Gladieux, the top portfolio manager on its $12 billion broad-market fixed-income portfolio, Donna Lloyd, head of the liquidity sector team, Blake Witherington, head of credit research, John Fenn, head of the high-yield bond management team, and Thad Carlson, head of the Treasury and agency bond team. Additionally, Gilbert Van Hassel, head of global fixed-income, has been transferred to global head of technology and operations for investment management, and has been replaced by Seth Bernstein, cfo for investment management and private banking. Spoksman Darin Oduyoye said the five portfolio managers were let go because their positions had been eliminated. He declined to comment further.

Andrew Langerman, a veteran collateralized debt obligation structurer, has left Deutsche Bank. A CDO market source says that Langerman left three weeks ago. Veteran Ted Meyer, a spokesman with DB, confirmed the departure but declined to comment. It could not be determined to whom Langerman reported. Brian Zeitlin, global head of CDOs, did not return calls. Calls to Langerman's residence were not returned. A CDO analyst at a rival firm says Langerman has been involved with CDOs since this market began in the mid 80s.

CreditSights, the independent fixed-income research provider based in New York, has hired two analysts to start up a London credit research effort, according to firm president Paul Ciasullo. The analysts, Anja King and Nehche Yazgan, were from Deutsche Bank's London investment-grade research group, and were added in response to European investor demand. King had been co-head of the investment-grade group for the past year. It could not be determined who would assume coverage duties for the two. CreditSights' staff now includes 14 senior analyst's covering both corporate and sovereign credits.

Goldman Sachs has hired Brian Zucker from Deutsche Bank Securities where he was a v.p. and high-yield trader. Zucker is believed to be an addition to Goldman's desk, rather than a replacement, according to traders at rival firms. Lester Brafman, head of high-yield trading at Goldman Sachs, did not return calls.