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Norton Rose Fulbright and Katten have added to their legal teams
Asset manager wants to offer more products to institutional investors
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Mike Pascucci is returning to the sell-side as head of credit products for Merrill Lynch's Europe, Middle East and Africa region. He replaces Tim Grell, who is moving to New York at the end of the year as global head of syndicate business.
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Kwu Scott, formerly of J.P. Morgan, has joined ABN Amro's investment-grade syndication team and will begin work today. The bank also brought on Susan Greenwood from Deutsche Bank and Alexander Byers from Bank of America at the beginning of August to join the bank's distribution team. In fact, nine of the 14 bankers on ABN's loan desk are newcomers as the bank bulks up on bodies in an effort to increase its presence in the loan market by building a solid origination, distribution and trading effort.
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Alliance Capital has promoted Michael Snyder to director of high yield, in charge of a group overseeing some $10 billion in assets, according to a person at the firm. Snyder replaces Greg Dube, who left Alliance last month (BW, 8/11). Prior to the promotion, Snyder had been a portfolio manager and senior v.p. at Alliance, which he joined last year. He has previously worked as head of high yield at Donaldson, Lufkin & Jenrette Asset Management and Bear Stearns Asset Management. He also worked for some 10 years in the high-yield money management group at Prudential Securities. He will report to Kathleen Corbet, ceo of fixed-income. Snyder declined comment.
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Raymond James & Associates has hired Catherine Mountjoy as an asset-backed securities banker, says Bennett Cole, managing director. She will originate and structure term ABS transactions, reporting to Cole who has headed the ABS effort for the bank since he joined from Wachovia Securities last March (BW, 4/1). Mountjoy also joins from Wachovia, where she was a collateralized debt obligation analyst, reporting to Curtis Arledge, deputy head of fixed income. So far, three staffers out of the four-unit team have joined from Wachovia, notes Cole. Arledge did not return calls.
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Jay Mueller, the chief economist at Strong Capital Management, has officially replaced Brad Tank as head of fixed income. His new role ends speculation as to whether Tank, who left the firm at the end of July, will be replaced internally. Mueller will report directly to Dick Strong, chairman of the Menomonee Falls, Wis.-based asset management firm. He will oversee fixed-income portfolio management while continuing his chief economist role. Mueller says he has worked at Strong for 11 years.
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London and Capital Asset Management, which manages roughly $200 million in fixed-income assets, is in the market for a head of fixed income. Cliff Ongley, compliance officer, says the firm would like to fill the recently vacated spot as soon as possible. The new hire should have expertise in a wide range of fixed-income sectors--from investment grade to high yield to emerging markets--and be comfortable handling debt issued in a wide range of currencies.
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Barclays Capital is establishing an emerging markets desk in London, according to a senior official familiar with the plans. The new desk will be under the jurisdiction of Diego Gradowczyk, managing director and head of Barclays' New York-based emerging markets desk. Gradowczyk says it is too early to comment on the new London desk and declined to say how many or what kind of emerging markets fixed-income professionals he is seeking to hire.
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Karen Kluvin has joined Bear Stearns'commercial mortgage-backed securities trading desk. Tim Koltermann, managing director in charge of subordinated CMBS trading and the person to whom Kluvin will report, says she will assist him in CMBS trading activities and to some extent, conduct some CMBS research. But, the bulk of her job will be managing the bank's repo book, he says. This function requires managing the risk associated with the position the bank takes when it lends a portfolio of CMBS bonds to its clients through the repo market.
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Despite the extension on collateral requirements given last week to NRG Energy from its lenders, fixed-income analysts on the buy- and sell-sides say the banks may still decide to pull the plug on the independent power producer. Even those who believe the banks are unlikely to force the company into default say that such an event would cause another wave of selling in the IPP sector--just as bond prices are showing signs of a recovery. "A nation of sheep is investing in these things. It would not be a positive development," says one East Coast buy-side analyst.