Credit Suisse First Boston in London has hired two professionals and lost one in European leveraged finance. Kevin Lydon, head of the European distressed debt business at Merrill Lynch in London, has joined as managing director and co-head of European distressed debt. Prior to Lydon's hire, Michael Guy was sole head of the group. Dermot Murphy has also joined CSFB from Merrill in distressed debt, as a director. Murphy reports to Lydon and Guy, who in turn report to Jim Amine, head of European leveraged finance. "Two heads are better than one," quipped Amine, observing that Lydon's trading skills and Guy's distribution expertise are highly complementary. Lydon and Murphy were on gardening leave and could not be reached.
Separately, Mark Walsh, managing director in leveraged finance at CSFB, has left the firm to join the leveraged finance origination team at Morgan Stanley in London. It could not be determined which of the three managing directors in the group at Morgan Stanley he would be working most closely with--Kevin Adeson, Richard Atterbury or Jeffrey Bennett. Walsh was on gardening leave and could not be reached; none of the three managing directors returned calls.