Imperial Capital, a high-yield boutique based in Beverly Hills, is seizing upon securities industry consolidation and cutbacks to expand its sales and trading roster. Its most recent pickup is Scott Siemers, who joined the firm's New York sales team earlier this month as senior v.p. He was a senior junk trader at J.P. Morgan, until he was let go after Morgan merged with Chase Manhattan. Siemers reports to Steve Hornstein, a former head of the high-yield trading desk at Donaldson, Lufkin & Jenrette.
Hornstein, who himself came to Imperial earlier this year, said he expects to make three to five more hires over the next three to six months. "We're a small firm, focusing primarily on distressed debt...and the industry trends toward belt-tightening and consolidation increase our ability to attract senior talent in sales, trading, and research," he says.
A spokesman for J.P. Morgan Chase declined to comment. Neither Siemers nor Hornstein would discuss Siemers' compensation deal, other than to say it is commission-based.