Securitization People and Markets

Trading was mixed last week as the market focused on a heavy forward calendar, which traders estimate at $3 billion. Allied Waste Industriesand Echostar Communications each rose half a point. Below is some of the other notable action.

Tim Hartshorn has joined HSBC Securities as a senior investment-grade trader, reporting to Ferdinand Masucci, managing director, corporate bond trading. Hartshorn last worked as a v.p. trading yankee bonds at Salomon Smith Barney, reporting to Ted Seelye, managing director. Hartshorn referred calls to Masucci and John Griff, ceo of HSBC's U.S. operations. Masuchi was traveling and could not be reached, and Griff did not return calls. HSBC's reason for hiring Hartshorn, who will trade U.S. financial credits, could not be determined.

Bear Stearns has tapped Michael Hyland, director of global high-yield research, to lead the U.S. investment-grade research group as well, according to Russell Sherman, a firm spokesman. The move comes as Bear Stearns works to fill voids created after Marion Boucher Soper, the former head of investment-grade research, led a team of analysts to Deutsche Bank last month (BW, 3/13).

Credit Lyonnais is establishing a multi billion-dollar fund that will invest in the high-yield, investment-grade and credit-derivatives markets in the U.S. and Europe. As reported last week on www.bondweek.com, the bank, which does not currently have a significant presence in those areas in the U.S., has hired three investment-grade traders from Deutsche Bank and a senior credit derivatives salesman from Merrill Lynch to manage the fund, according to fixed-income officials with knowledge of the group's plans. The fund, which will launch in May, will start with at least $5 billion dollars to build a global investment platform across all credit products, and will include trading desks in New York and London. The group will report to Omar Abukhadra, global head of credit markets and credit derivatives. He could not be reached. Once the group is in place, it is expected that additional senior hires, including analysts, will be made.

Brian Reid, managing director at Deutsche Bank and global head of money markets and repos, has been promoted to head the firm's institutional client group for the Americas. Ted Meyer, a firm spokesman, says Deutsche Bank's heads of sales for derivatives, foreign exchange and global markets products will all report to Reid. Reid, who will move to New York from London, is a member of the bank's executive committee, global markets division. He replaces Jim Coley, who left the bank earlier this year.

Ed Oppedisano has left Deutsche Bank, where he was a director and investment-grade analyst covering technology, media and telecom. As first reported last week on www.bondweek.com, he will join UBS Principal Finance, a New York-based buy-side fund at UBS Warburg. Oppedisano says he had an opportunity to stay at Deutsche Bank, but took the new position because considers it "the best job on Wall Street." He starts today and reports to Peter Abramenko, managing director. He did not return calls. Ted Meyer, a Deutsche Bank spokesman, would not comment on Oppedisano's reason for leaving, citing firm policy.

Karsten Kibbe has been named managing director and new head of commercial mortgage-backed securities at Société Générale after Tom McDevitt resigned to create his own loan fund, says Greg Medcraft, managing director and global head of securitization. Prior to filling McDevitt's vacant position, Kibbe was director and deputy head of CMBS. Kibbe says he is looking to hire a banker to fill his own former slot.

Wachovia Corp. has transferred $16 billion in fixed-income assets from Wachovia Asset Management (WAM) to Evergreen Investment Management (EIM), letting go two members of its seven-person taxable fixed-income team. Three others chose to leave. The asset shift is part of an effort to pool the assets of WAM following its recent purchase by First Union, says Chad Peterson, spokesman for EIM. The assets include taxable and non-taxable mutual funds and individually managed accounts.

Greg Hanley, managing director and head of distressed trading at Bear Stearns, has added high-yield trading to his responsibilities, according to Russell Sherman, a firm spokesman. Hanley fills a void left by Harry Rosenberg, who had overseen all credit trading and research, from high grade to high yield, before he left the firm last month (BW, 3/13). Rosenberg's high-grade responsibilities were taken over last month by Kelley Millet (BW, 3/17).