BB&T Capital Markets plans to hire an additional five to 10 high-yield and investment-grade salespeople and open an office in New Jersey as it looks to expand its credit business. The firm will also look to make trading and research hires as opportunities present themselves, according to Ted Luse, senior managing director of fixed-income at the Richmond, Va., regional dealer. Luse says the move is part of a gradual expansion that BB&T has been making over the last three years. The firm already has a structured trading and origination effort in Richmond, and a collateralized mortgage obligation desk in Boca Raton, Fla.
BB&T recently hired two high-yield traders, Mark Lichtman and Rob Wade from Raymond James (BW, 5/19). Lichtman, who ran the desk at Raymond James, will take over the new position of head of the high-yield department at BB&T. Luse has known Lichtman since 1988 and says the opportunity to hire him was also an important impetus behind the decision to expand BB&T's credit business. The high-yield trading desk will remain in Richmond until BB&T finds space in New Jersey.