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UBS Warburg has hired Troy Dixon, a veteran pass-through trader fromCredit Suisse First Boston to fill some of the gaps created by the departures of collateral traders Dave Brown andJohn Morris, according to pass-through trading chiefBrian Cohane. Dixon, who left CSFB approximately two weeks ago and will join the firm on June 17 after his "garden leave" non-compete expires, will trade the 30-year Fannie Mae/ Freddie Mac sectors and report to Cohane. Dixon had been at CSFB since July 2000, coming from Donaldson, Lufkin & Jenrette, which he joined in May of that year. Prior to that, he was trading MBS at Nomura Securities International.
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Credit Suisse First Boston has lost another European credit strategist from its London-based team. Christopher Cloke-Brown left the firm last week, just a few days after Evan Kalimtgis, head of European credit strategy, resigned to join Dresdner Kleinwort Wasserstein, according to officials familiar with the move. A senior CSFB research official would not confirm Cloke-Brown's departure, but said he was actively looking to replace Kalimtgis. Cloke-Brown's destination could not be learned by press time.
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Fitch Ratings has added an analyst to its London-based asset-backed commercial paper team as part of its effort to staff up structured finance coverage. Emma-Jane Fulcher, who used to run ING Barings' Mont Blanc commercial paper conduit, will join next week and report to Fiona Steel, associate director, European structured finance. Steel says Fitch now has four analysts covering European commercial paper and may make more hires next year. An ING spokesman did not respond to inquiries concerning Fulcher's replacement by press time last Thursday.
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Last week was quiet following the holiday, say traders. New issues continued to trade well. Tycoand Dynegywere among the weaker names. Here was other action through last Thursday.
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Frank Knowles, Merrill Lynch's co-head of European fixed-income research, who also headed up the European high-yield research effort, has left the firm. Knowles, who had been at Merrill in London for 15 years, is looking for a spot on the buy-side, says a Merrill insider. His replacement has not yet been named, but Patrick McCullough, has taken up Knowles' telecom coverage responsibilities, says the insider.
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George Chalhoub has left Merrill Lynch, where he was a director and high-yield analyst covering consumer products, metals and mining, to take a similar position at Deutsche Bank, according to Clare Schiedermayer, Merrill's manager of credit research for the Americas. He fills a void created by the departure of Lisa Gaffney last month (BW, 4/28). He could not be reached, and Andy Van Houten, co-head of high-yield research at Deutsche Bank, did not return calls.
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Paul Shaum, former head of high-yield research at SG Cowen, has joined Soros Fund Mangement as a portfolio manager. Michael Vachon, a firm spokesman, declined further comment, as did Shaum. In addition to being research head, Shaum covered aerospace and consumer products at SG Cowen. However, he was let go last year as the firm cut back underwriting in those sectors (BW, 3/4/01).
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RBC Capital Markets is on the lookout for a few bond traders for its London fixed-income trading desk. It is looking for an emerging markets trader and another, more junior trader, for general bond trading, industry officials say. Recently, Simon Howard-Glossop, a senior member of the London-based global credit team, left RBC. His destination could not be learned by press time nor could the name of his replacement. Calls to Peter McFallon, head of credit trading in London, were not returned.
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Paul Tice, former co-head of high-grade research and energy analyst at Deutsche Bank, will return to Lehman Brothers, where he started his career. He will join the research group early next month, as a managing director to monitor the firm's non-public capital commitments, including its loan exposures, which have become an increasingly important part of the firm's business, says Jim Asselstine, the firm's global director of high-grade research.