Bear Stearns has moved James Kenny from his position as head corporate bond trader to a spot overseeing flow trading on the credit derivatives desk, according to Kelley Millet and Mark Davies, heads of the firm's corporate bond and credit derivatives businesses, respectively. Bill Fenwick, who had been overseeing one- to five-year trading on the corporate desk, will take over for Kenny, and report directly to Millet. Kenny, who had reported to Millet, will now report to Davies. Both desks will work together more closely than they had in the past--a response to increasing buy-side coordination of cash and credit default swaps trading. "Maybe you don't yet see the super trader who can trade cash and CDS in the same name, but clearly that's where the Street is headed," Millet says.
Kenny takes over a position that had essentially been overseen by Eric Langille, former co-head of credit derivatives trading who left the firm last month. That desk had been underperforming, according to at least one firm insider. Millet would not comment on the performance of the desk, but said "the growth we continue to see and expect warranted moving Jim Kenny as a high profile, tried and tested trader. We have a lot of confidence in his ability and leadership." Langille, now at Commerzbank Securities, declined comment.