Bear Stearns has hired Kevin Kelly, former managing director in credit derivatives sales at Morgan Stanley in New York, for a similar role and Robert Canning, managing director and senior credit derivatives marketer responsible for U.S. agencies, has left the firm. Kelly declined comment while Canning could not be reached.
Kelly is one of several recent hires by Bear Stearns, which market officials say is taking advantage of the tight job market to recruit. Kelly is not thought to be taking over Canning's responsibilities, said one official familiar with the move. Peter Croncota, senior managing director to whom Kelly reports, and to whom Canning reported, did not return calls.
Kelly left Morgan Stanley in February (DW, 3/2) and is not thought to have been replaced. Mark Lake, spokesman at Morgan Stanley in New York, declined comment. Michele Agostinho, spokeswoman at Bear Stearns in New York, declined comment.
