Lehman Brothers has bumped up Jonathan Kitei, managing director and senior sales representative, to head of U.S. loan sales. As first reported on Credit Investment News' Web site last Wednesday, Kitei will be responsible for managing the U.S. leveraged loan sales force and distribution of leveraged loan products. He will report to Jim Seery, fixed-income global head of leveraged loans. Seery had previously also been head of loan sales, but is giving up that responsibility. The changes take effect immediately.
"It is really the expansion of the loan business," Seery said about the moves. "We have some senior people, like Jon Kitei, he can handle the management of the sales force, and that will allow Bill Hughes, who runs the syndicate desk, and me to spend more time with the customers, lenders and borrowers."
John Cortese, v.p. and formerly responsible for trading European loan-only credit default swaps and high-yield CDS, has returned to New York to run Lehman's U.S. LCDS business. He will also trade high-yield CDS in the auto sector and report to Rene Canezin, global head of high-yield derivatives. Alex Stromberg, v.p., will continue as the leveraged loan trader and will join Cortese in trading LCDS. He will continue to report to Seery. Matt McQuade, who moved onto the par trading desk in June, remains in his position.
Rob Alloway, v.p., will be moving to London sometime in January to run Lehman's European high-yield derivative effort. He will report to Canezin in New York and Guy Moar, head of high-yield in Europe. The moves come a few months after Jason Moynihan, formerly head of par loan trading (4/10), and Jeremy Vogelmann, formerly the U.S. LCDS trader, left to join Barclays Capital (7/31).
Seery said the firm plans to continue to grow its loan underwriting business. He also thinks more customers will become involved in the cash side of the loan business as well as the synthetic side with LCDS and structured vehicles, including synthetic CLOs.
