Wachovia Securities is beginning to add a high-yield sales department to its New York office. The firm recently hired Oscar Anderson as its first high-yield salesman in the Big Apple. Anderson moved over from CIBC World Markets earlier last month, where he was a director and high-yield salesman. He starts today at the latest. Gary Palmer, managing director and co-head of high yield, said he is looking opportunistically to add more salesmen in the next couple of months for the New York office, although he did not specify how many.
With many clients in the New York and Boston area, Palmer said Wachovia wants to be staffed for growth in those areas and be closer to its customers. He added that there is already an investment-grade presence in New York, as well as bankers and structured products and equity professionals. High-yield trading and research will remain in the Charlotte office. Anderson will report directly to Neil Giardino, managing director and high-yield sales manager. Huy Vu was also recently hired as a v.p. in high-yield sales from Citigroup Global Markets. He will work in the Charlotte office also under Giardino. Danielle Romero-Apsilos, spokeswoman at Citigroup, did not return a call.