Deutsche Bank has hired a new par trader, John Fisher, v.p., reporting to Managing Director Anthony LoGrippo, and is looking to broaden its platform. As first reported on Credit Investment News' Web site last Tuesday, Fisher joined from SunTrust and started at Deutsche Bank last Monday. John Gally, an associate, who has and will continue to work on the bank's total return swap program, will also spend time working with Fisher and LoGrippo. The trading group is rounded out by Fran Blair, a research analyst, and a second researcher, expected to be an internal move, will be added the desk in the coming weeks.
The bank had been running a one-man trading desk led by LoGrippo since Steve Snizek, director and trader, moved to London this winter (CIN, 12/26). "We're excited that we hired John Fisher, he comes to us with a lot of experience, the right skill set, which is a good fit for our platform. His experience includes trading on both the sellside and the buyside," said LoGrippo.
The bank is trying to expand its trading platform by increasing the number of names it trades and looking at names that have fallen below par but are not yet distressed. Last week the bank won a $75 million loan portfolio auction, the latest of 12 loan portfolios it has snagged in auction over the past 18 months. The cover bid was 100 7/8. The identity of the company selling off the loans could not be determined. The portfolio consists of IAP Worldwide Services and Boart Longyear's first lien.
LoGrippo said the trading desk will continue to bid aggressively on portfolios. "We take a competitive approach when bidding on any portfolio and we look to accomplish the best execution for the seller as well as distribute assets to our investors," said LoGrippo.
