BNP Paribas has hired Bruce Nicholson, an analyst, to a new position covering both high-yield and high-grade basic industries sectors such as chemicals, paper and forest products and metals and mining. BNP has not had a dedicated basic industries analyst for at least a few years, according toJoe Labriola, managing director and the firm's head of U.S. credit research. "It's been a hot sector lately and we weren't actively trading it. We didn't want to do that without an analyst, and we had looked in the past and never found the right person," he says. He declined to comment on whether he is considering additional hires. BNP's credit research team now numbers 13, including associates and Labriola himself.
Nicholson, who joins as a director, moves over from Deutsche Asset Management, where he covered strictly high-yield credits. Labriola says that since the lion's share of high-grade basic industries credits are triple-B, which is nearly high-yield, it made sense to have one senior analyst as opposed to one for each area. Calls to Nicholson and Andrew Cestone, high-yield portfolio manager at Deutsche Asset Management, were not returned.