KBC Financial Products, a secondary market maker in New York, is restructuring the organization of its high-yield business and is planning to add personnel in sales, trading and research. Meanwhile, Dan McAloon, managing director and co-head of high yield at the New York-based arm of Belgium's KBC Bank, is taking a hiatus from the bond business to spend time with his family and says he does not expect to return to the sell side. As a result of McAloon's departure, Eric Needleman, managing director, is now the sole head of high yield. And Dan Lerner, trader, is being promoted to executive v.p. and head of high-yield trading, a new position.
KBC is actively looking to add professionals to its research, sales and trading teams, said Needleman. He declined to quantify potential hires but said its first priority is probably to add a junior research analyst and noted KBC is not looking to increase coverage of any one sector in particular. The high-yield group recently brought over Robbie Griffin as a salesman from KBC's credit default swap group. Griffin replaced Chris Majak, salesman, who left the firm this month. Majak did not return calls.
KBC's high-yield operation is kicking off its third year in the business and has a total of 20 professionals.