UBS has hired a pair for its distressed group that will fill similar roles as two veterans that just left for Barclays Capital. According to an internal memo distributed June 5 by Mike Carley, co-head of global distressed debt, and Mark Lane, co-head of global distressed trading, Jim Gereghty will join in July as head of distressed debt research and Thomas Tormey joined earlier this month as a distressed debt analyst.
Gereghty, an executive director, joins from Morgan Stanley where he was an executive director working as a senior distressed debt analyst. Tormey joins from Davis, Polk and Wardwell, where he was a bankruptcy attorney. A UBS spokesman declined comment.
The two spots at UBS had been vacated by Timothy Eng and Rick Feinstein, who hopped to Barclays. Eng joins as a director in distressed debt trading reporting to Drew Doscher, director and head of U.S. distressed debt trading. Feinstein joins as director, distressed debt sales, reporting to Joe McGrath, managing director and co-head of leveraged finance. Both join from UBS. Barclays officials could not be reached for comment.
Eng was a senior distressed research analyst at UBS and Feinstein was a senior distressed desk analyst. Both had worked in high-yield research before joining the distressed desk.
The bank has slowly been building up its trading desks; Doscher joined in May and is a former UBS trader (CIN, 5/19). Jason Moynihan, a former par trader at Lehman Brothers, heads the par loan division and joined in April (4/10) and Marc Berg joined from CIBC World Markets as a stressed bank loan trader earlier this month (6/12).