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Newly minted alternative investment manager Ash Capital envisages buying and selling over-the-counter equity options in its soon to be launched Empyrean Fund, a long/short equity hedge fund employing quantitative and fundamental analysis strategies. Rauf Ashraf, managing director in Boston, said the firm will buy and sell calls and puts on an opportunistic basis. The fund, which will launch with seed capital of USD25USD35 million, will invest across industries, he noted.

Banc of America Securities has hired Ron Juster, a longtime agency trader, according to people close to the situation. Juster was dismissed from J.P. Morgan Securities last summer for allegedly mis-marking the firm's book of callable agencies (BW, 8,11). Reached at his residence, Juster confirmed the move, but declined further comment. Calls to Kurt Harrison and Brain Edmonds, the coheads of the U.S. Treasury and agency desks at the firm, were not returned by press time last Friday. Juster will report to Frank Keen, head of the agency trading desk. He will be a flow trader in callable agencies, according to an individual familiar with the situation.

Deutsche Bank has hired Mike Reisman from Morgan Stanley to run its U.S. government bond repurchase trading desk. It's a new position. Reisman, who will start after his non-compete expires on March 27, will report to short-term trading head Joe Randozzo. Reisman, reached at his residence, said, "I left for a hell of an opportunity and wish Morgan only the best." He declined to discuss the move further. A Deutsche Bank govvies official familiar with the move says Reisman's hire comes at a time when the repo market is suffering from "sticker shock," relating to the low yields across the curve. As a function of this, one of Reisman's jobs will be to expand the customer side of Deutsche Bank's business, as it makes a grab for increased market share. He will also coordinate the repo desk's actions with other desks, such as Treasury trading and swaps.

BondWeek is the leading news publication for fixed-income professionals, covering new deals, structures, asset-backed securities, industry and market activity.

BondWeek is the leading news publication for fixed-income professionals, covering new deals, structures, asset-backed securities, industry and market activity.

BondWeek is the leading news publication for fixed-income professionals, covering new deals, structures, asset-backed securities, industry and market activity.

BondWeek is the leading news publication for fixed-income professionals, covering new deals, structures, asset-backed securities, industry and market activity.

Jay Durkin has left Lehman Brothers, where he was a managing director in high-yield sales based in New York. High-yield buy-siders say Durkin simply wanted to take some time off after a number of years in the business. He had spent eight years at Lehman, prior to which time he sold high-yield bonds at Kidder, Peabody & Co. Durkin declined comment when reached at his residence. A call to Tom Humphrey, global head of credit sales at Lehman, was not returned.

Williams Companies is a Tulsa, Okla.-based energy concern. A long-time investment-grade company, Williams was downgraded to junk last July. It had $13.9 billion in total debt at the end of 2002. The company priced its first high-yield deal on March 4, a $175 million 144a transaction through its subsidiary Northwest Pipeline Corp.

Larry McCarthy will join Lehman Brothers today as managing director and head of distressed trading. He reports to Alex Kirk, head of high yield, according to a Lehman high-yield official with knowledge of the situation. McCarthy had been trying to negotiate the move for over a month (BW, 2/3). Neither he nor Kirk returned calls. It could not be determined who, if anyone, McCarthy is replacing.

Morgan Stanley has made two senior hires as part of an effort to grow its high-yield business in response to the recent growth of that market, says Mitch Petrick, co-head of the firm's global high-yield and loan products group.

BondWeek is the leading news publication for fixed-income professionals, covering new deals, structures, asset-backed securities, industry and market activity.