Advest Securities has added two sales professionals and lost a high-yield trader. John Hallen joins from Merrill Lynch as a senior v.p. in high-grade sales. Kim Buonopane moves over from Fleet Securities, where she was a high-yield trader. At Advest, she will be a v.p., high-yield sales. Hallen will report to Herb Finn, head of sales, while Buonopane will report joinly to Finn and Rich "Moose" Musumeci, head of high-yield. Finn says the hires are part of the firm's ongoing effort to build its fixed-income business (BW, 3/2).
The high-yield expansion effort has suffered a setback, however, as John Mitchell, a high-yield trader Advest hired earlier this year as a senior v.p. (BW, 4/13) left to join UBS Warburg. The position at UBSW is a new one, according to a firm official. At UBSW, Mitchell will be a director trading gaming and radio broadcasting credits. A call to Rob Heffes, head trader at UBSW, was not returned by press time.
Joe Blair, executive, v.p. and head of Advest's capital markets group, says the firm had a positive experience with Mitchell. "He hasn't been at a big firm. I can see why it might be attractive to at least give it a try." Musumeci says he has been talking to several candidates to replace Mitchell. A call to Mitchell's mobile phone was not returned.