KBC Financial Products has hired Kevin Eng as its new head of high-yield research. He reports to Dan McAloon and Eric Needleman, heads of high-yield. Eng, who will follow industrial credits and oversee a team of seven analysts, becomes the first dedicated high-yield research head at the dealer firm, according to Joe Garofoli, managing director. "He's highly respected in the business and has a strong client following. He obviously knows the high-yield market and is a good manager. He complements our strategy of creating a top-notch high-yield service," Garofoli says.
Garofoli says the dealer will continue to look to expand its high-yield sales, trading and research capabilities, but declines to give details.
Eng joins from CRT Capital, where he spent just two months. He declines to comment on why his tenure at CRT was so short, and a call to Chris Young, head of research at CRT, was not returned. Both CRT and KBC have recruited a number of former employees of DrKW-Grantchester Securities (BW, 1/26, 2/9, 3/9) which effectively shut down its high-yield business late last year (BW, 12/15). Both firms are established convertible dealers that have been looking to make inroads in the high-yield market.