Two investment-grade traders left HSBC Securities last week, which in turn picked up a trader and a junior analyst. Gary Brown plans to join hedge fund Black River Asset Management, according to Steve Pumilia, principal at the firm. Brown will work in the New York office and report to Pumilia. In addition, Mike Kolodziejski, a short-term trader, left HSBC last week to join Wachovia Securities in Charlotte, N.C., according to Steve Gallagher, head of corporate trading at Wachovia. Gallagher said the hire is for a new role.
On the flip side, Mike Allen, managing director and head of corporate bond trading at HSBC, said it has hired Chris Price from Deutsche Bank to replace Kolodziejski. And Kevin Patrick, who worked on the equity side at Goldman Sachs, starts today as a junior industrials analyst at HSBC. Allen said HSBC also plans to hire a senior industrial researcher and two senior traders.