Maxcor Shifts Down Credit Ladder
Maxcor Financial Group, an institutional broker-dealer, is refocusing its business on crossover, high-yield and distressed credits, said Jon Sablowsky, head of high-yield trading and sales at Maxcor.
\Maxcor Financial Group, an institutional broker-dealer, is refocusing its business on crossover, high-yield and distressed credits, said Jon Sablowsky, head of high-yield trading and sales at Maxcor. He recently replaced Stephen DiTursi as head of fixed-income trading and sales at Maxcor in New York. "We were trying to be a full-service middle-market fixed-income shop covering the whole credit spectrum. Now, we will devote our capital from crossovers on down," Sablowsky said. He explained the shift reflects where there is the most activity in the market and plays well into his strengths and those of his salesmen. "There's still opportunity for us to increase our penetration in the market and revenue stream through the high-yield market," he said, adding that there are too many players in the investment-grade arena. Sablowsky noted Maxcor will still be involved in investment-grade on a riskless basis.
Sablowsky added the firm is looking for senior salesmen with high-yield experience and an additional analyst. He said Maxcor has already hired one analyst but declined to elaborate. "Our firm is committed to its new focus area and is making inroads to grow its penetration in that area of the market," stated Sablowsky.
DiTursi, who is expected to join another mid-sized dealer, declined comment. Sablowsky, who was hired in February by DiTursi, now reports to Gil Scharf, president, chairman and ceo of Maxcor.