Raymond James is looking to add some eight new sales positions as it continues growing its high-yield business out of Red Bank, N.J. Some of the new hires will focus on distressed securities as well, says Chris Harrison, who recently joined the firm from BNY Capital Management (BW, 9/21).
Raymond James established its high-yield presence in Red Bank some four years ago, and Harrison says the city has become a hub for retail investors, but that Raymond James is the lone institutional presence. Despite the loss of former high-yield head Mark Lichtman to BB&T Capital Markets earlier this year (BW, 6/1) it has been adding senior high-yield talent.
In addition to Harrison, the firm recently added Drew Meany, a senior trader whose last position was in London at TD Securities. The high-yield desk now has three traders, led by Brad Wendler, a four-person group of desk analysts headed up by Ed Siegel, and a nine person sales desk, including Harrison. Harrison says that while sales is the main focus for hiring at the moment, he may add another trader as well.