Merrill Lynch's head of high-yield sales in London, Tim Davenport, has returned to New York to head the firm's corporate derivatives marketing effort.
Duncan Riefler, Davenport's second in command, is expected to fill Davenport's position, according to a firm official. A junior salesperson will be added to the team, now just four-strong, the official said. The timing of the new hire, however, has yet to be scheduled because of budget restraints, another official added.
Mark Barry, a high-yield salesman in London, will begin to cover hedge fund clients as Merrill looks to pitch distressed European corporate bonds to U.S.-based hedge funds and European equity funds, the official added. "This is a really new business, and we're just in the early stages of setting it up. We haven't even figured out who will be on the team," one official said. He added that the high-yield desk is likely to reconfigured to accommodate the hedge fund aspect.
