SAMCO Capital Markets, a mid-sized broker in New York, is considering whether to set up an emerging markets broking desk, said Charles Engel, senior managing director in New York. He said there is a lot of opportunity in emerging market debt, in both performing and distressed securities. "Credit situations in that universe, specifically in telecom in Mexico and Argentina, present a lot of opportunities," he noted. Engel declined to be more specific.
He added the firm has placed no timeframe on its considerations but is looking to hire opportunistically for the desk. Meanwhile, the firm is actively looking to expand in its U.S. and European high-yield areas. "We're looking for seasoned veterans for our high-yield, distressed and cross-over areas," Engel stated, adding the firm is looking to hire an unspecified number of traders and researchers in these areas. SAMCO set up its European high-yield group in New York about a month ago.