Eli Lapp has left BNP Paribas, where he was a director and investment-grade analyst covering telecom, cable and media, to join Exis Capital, a New York-based hedge fund. Lapp, who starts today, assumes a new position at Exis as an analyst/portfolio manager with responsibility for the bond portion of the $500 million fund, which invests in several different types of securities. He will have responsibility for a wide range of sectors across the credit spectrum, which he says was one of the reasons the position appealed to him. He will report to Adam Sender, founder and head of Exis. A call to Sender was not returned.
Lapp spent just over a year at BNP, prior to which time he spent five years at HSBC Securities. He spent 15 years as a fixed-income analyst on the sell-side.
Scott Dembitzer, Lapp's junior analyst, may be in line to take over lead coverage responsibilities at BNP, according to one analyst on the buyside. Calls to Dembitzer and toJoe Labriola, U.S. head of investment-grade research at BNP, were not returned.