Four separate high-yield dealers have made related changes to their high-yield desks. Mark Lichtman and Rob Wade have left Raymond James & Associates to join BB&T Capital Markets. Lichtman was the head trader at Raymond James. His new position could not be determined, and a call to him at BB&T was referred to Ted Luse, fixed-income manager at BB&T. A call to Luse was not returned.
Brad Wendler has reportedly left Lehman Brothers and is expected to join Raymond James as that firm's head high-yield trader, according to a person close to the situation. Wendler declined to comment, as did Jim Sickling, head of fixed-income at Raymond James.
Tim Fischer, a senior trader, has left CIBC Capital Markets to take a similar post at Lehman Brothers, presumably replacing Wendler. Calls to Fischer and Fred Orlan, head trader at Lehman, were not returned. Scott Fahey, managing director and head of high-yield trading at CIBC, says he will look outside the firm for a replacement, and has scheduled interviews over the next several days.