Credit Suisse First Boston has promoted a slew of people in its syndicated loan group to formalize the structure of a group that has seen significant growth in the past two years. As first reported on LMW's Web site, Tom Newberry has been appointed global head of the syndicated loan group, having previously been head of U.S. capital markets. David Miller and Jim Finch will become co-heads of U.S. capital markets, reporting to Newberry, who in turn reports to Don Pollard, Tim O'Hara and Jim Amine.
According to Pollard, the timing behind the changes relates to his move to co-head of leveraged finance last December. "Essentially, I was taking on broader responsibilities and we wanted to clarify a more formal structure in the syndicated loan group," said Pollard, who was previously global head of syndicated loans. "Our loan business has grown significantly and it was not enough to promote Tom in my place as global head alone. The business has doubled over the past two years in terms of the size of revenue we generate to the firm and we have a much broader business platform than we had three or four years ago." According to an internal memo, the group achieved record revenues of $672 million in 2004 and placed in the top three in all significant leveraged loan league tables.
In other changes, Bob Franz and Andy Stock will become co-heads of U.S. sales and trading and Barry Zamore, managing director and par trader, will become head of U.S. par loan trading, working with Stock, who was head of par sales. Jed Kelly is taking the role of head of U.S. distressed loan sales. "The people that have been promoted have effectively been running these businesses for us the past couple of years, so really this just makes it official," Pollard added.
In Europe, David Slade will become head of the European syndicated loan group with Charlie Bennett and Ted Lowe, co-heads of the European par loan sales and trading business. Michael Guy and Kevin Lydon, who recently joined from Merrill Lynch, will co-head European distressed loan sales and trading.
