Banc of America Securities has hired Peter Nguyen, a credit derivatives salesman at Credit Suisse First Boston in New York, to head a newly created group dedicated to liquid credit derivative sales. Bill Parry, head of investment grade credit sales at BofA in New York, to whom Nguyen reports, said the firm has set up the group to better service the firm's growing credit derivatives clients. BofA's flow sales in credit derivatives have quadrupled in the last few months, encouraging the firm to add to its sales and trading presence, he said.
Nguyen has not started and could not be reached. He is responsible for a team of six sales staffers focused on hedge funds and bank loan portfolios, Parry said. Senior sales pros Dan Mooney and Laurie Medvinsky will form part of the team. Meanwhile, BofA has hired Mark Melchiorre, a credit derivatives trader at Citigroup Global Markets, to trade credit derivative indices and telecom and media, Parry added. Melchiorre reports to Dan Caldwell and Michael Meyer, co-heads of credit trading. Melchiorre declined comment.
John Gallagher, spokesman at CSFB, declined comment on Nguyen's replacement and Danielle Romero-Apsilos, spokeswoman at Citigroup in New York, did not return calls.
