KBC Financial Products is looking to add one or two more senior high-yield analysts and at least two juniors, according to Kevin Eng, executive v.p. and head of high-yield research at the New York-based unit of Belgium's KBC Bank. Eng says the hires will be made, "when we find the right people. Are we actively looking? Yes, we are." He will not focus on any specific sector, as he believes the existing research group covers most of the active sectors. "If we find a good, strong athlete, we'll find a sector for him to cover," Eng says.
KBC has been building its high-yield business since it hired Eric Needleman and Dan McAloon to head the group last year, along with Dan Lerner, a senior trader (BW, 1/26). Eng joined in May (BW, 5/18). The four, along with David Hargreaves, KBC's gaming analyst, worked together at DrKW Grantchester, which effectively shut down its high-yield business last year. Eng says the planned hires are consistent with KBC's mission of providing customers with "good trade execution and good, thoughtful independent research."
With the addition of Mark Bankert, a senior analyst covering the energy and chemical sectors, KBC now has a total of eight dedicated high-yield analysts, including Eng. Bankert joins from Barclays Capital, where he was a high-grade analyst covering the energy and utility sectors. Prior to that, he covered high-yield credits at Merrill Lynch. Mark Pibl, head of U.S. high-grade research at Barclays, did not return a call asking about a possible replacement for Bankert.