Wachovia Securities will announce this week it has added two in high-grade research from Banc of America Securities in Charlotte, N.C., to build its coverage of basic industries. Jim Dunn, an Institutional Investor-ranked research analyst for two years running, joins Wachovia as a managing director and will lead its basic industries high-grade research team. Cameron Newton, who was part of Dunn's team joins Wachovia as a v.p., also covering basic industries. Timothy Patrick, global head of high-grade research at BofA, did not immediately return a call and a market participant said the duo has not yet been replaced.
Dunn said Wachovia "is committed to growing its banking and the secondary side of its business" and has targeted the basic industries and industrials sectors as an area of growth for the firm. The pair will work alongside Chuck Slaybaugh, senior analyst at Wachovia, who will continue to cover high-grade packaging, paper and forest products in addition to cross-over and high-yield credits.