Corporate bond officials on the buy- and sell-sides are viewingWachovia Securities' hire of Jim Kelligrew as the first step to a significant upgrade of the firm's corporate bond profile. As first reported last Monday on www.bondweek.com, Kelligrew will join Wachovia this week. The Charlotte, N.C., bank's new investment-grade chief, who recently left a similar post at cross-town rival Banc of America Securities, has at least one influential fan on the buy-side. "With Kelligrew going to Wachovia we look forward to being able to support his efforts there fully. I believe he's one of the highest quality individuals in the business today," says Mark Fishman, director of fixed-income for SAC Capital Advisors' Genesis Fund--said to be one of the largest credit hedge funds.
Kelligrew could not be reached for comment, though one senior fixed-income official who has spoken with him says his mandate at Wachovia is not as broad as it was at B of A, and he will have to wait three to four months before making any hires. Still, that official believes the hire of Kelligrew is "a natural" for Wachovia since "they're exactly where B of A was when he joined them." One B of A managing director says Kelligrew is very popular at B of A, and would receive an eager hearing from any number of people at his old firm about moving over to Wachovia. Jonathan David, B of A's former high-grade sales head, who left B of A immediately after Kelligrew, is widely seen as a logical candidate to join his friend and former boss at Wachovia. David declined comment. Curtis Arledge, Wachovia's head of fixed-income, says he did not bring Kelligrew on as part of a calculated plan to raid the investment-grade bond business of its larger rival.
