Mark Sorensen, head of loan trading for TD Securities, is moving to Cargill Value Investment, as banks continue to lose talent to the buyside. Cargill's Value Investment business buys high-yield distressed corporate obligations, credit-intensive loan portfolios and real estate. One banker said Sorensen will be trading distressed loans, but Sorensen and Rory O’Neill, executive v.p. at Cargill responsible for managing corporate credit investing, declined comment.
TD officials also declined comment on whether Sorensen will be replaced, but one loan banker said this is unlikely. Sorensen ran the group jointly with Greg Hurley, head of U.S. loan sales. Jim Sweeney, who joined TD from Imperial Capital in March will be picking up much of the day-to-day responsibilities, the banker said. Sweeney and Hurley declined comment. Sorensen joined TD in 2000 from Bear Stearns, where he was also head of loan trading. The banker also dismissed suggestions that TD is de-emphasizing the loan product and said business should be continued as usual.