CRT Capital Group, a high-yield and convertible bond broker based in Stamford, Conn., has hired Sal Abbatiello as a senior v.p. in high-yield sales. Abbatiello comes from Libertas Partners, another broker, where he was a founding principal and in charge of high-yield sales.
Michael Vaughn, a managing member at CRT, says the firm is also looking to add two or three high-yield sales/traders as part of its plan to add roughly 10 professionals. Vaughn says the firm, which has been in business since 1990, sees opportunities to extend its platform and is looking to hire a similar number of professionals for new spots in its bank debt group, as well as up to four new hires for its equity team. Vaughn adds the focus of the firm has broadened out of distressed, high yield and convertibles to include the lower half of the "vanilla high-yield bond world." And, he notes that an increase in the number of distressed companies has created opportunities as many emerge from bankruptcy. Abbatiello says he is looking forward to being part of CRT's expansion and called its move into the traditional high-yield world a logical extension.
