Credit Suisse First Boston is adding nearly 10 professionals to its interest-rate business as part of an effort to rebuild from a number of high-profile defections earlier this year. "We don't want to just provide liquidity, we want to bring content-driven, macro-oriented ideas to our customers," said Jim Toya, co-head of U.S. interest rate products.
Herman Laret and Chul Park are joining as managing directors. Laret will be co-head of rates sales, reporting to Robert Griffith, head of North American sales. Laret was a partner at hedge fund MKP Capital. Park will trade U.S. dollar interest-rate options and report to Kanav Bhagat, head of U.S. interest rate options. Park previously worked at WestLB.
The firm is adding to its Treasury desk with traders John Sheehan (BW, 6/13), who will be a director trading 10-year Treasuries, and Jason Bell, an associate. Sheehan previously worked at RBS Greenwich Capital and Bell left Morgan Stanley. Both will report jointly to Toya and Tim Blake, co-head of U.S. interest-rate products.
CSFB is also growing its agency business. "It's been a difficult time for the agency market but we're committed to the business," Blake said. He said the firm doesn't have headcount goals.
Ryan Fennelly will be a v.p. trading agency bullets and Scott Stelmach will be a v.p. trading short maturity agency bullets and callables. Fennelly worked at Merrill Lynch and Stelmach joins from ABN AMRO.
Young Namkung will be a director and a U.S. dollar interest rate swaps trader. Namkung worked at Bear Stearns, where he traded U.S. dollar swaps.
Finally, the firm is adding Chi Wai Lee, who will be a v.p. and a proprietary trader. He has joined from Brevan Howard Capital Management in London.
