Morgan Stanley has made two senior hires as part of an effort to grow its high-yield business in response to the recent growth of that market, says Mitch Petrick, co-head of the firm's global high-yield and loan products group.
Kevin Corgan joins as an executive director and high-yield trader reporting to Petrick. He moves over from Goldman Sachs, where he had gone from being co-head of the high-yield desk to trading investment-grade credits (BW, 8/18). He could not be reached. Paul Huchro, head of investment-grade trading at Goldman, declined to comment.
Catherine Frey also joins as an executive director. She recently returned to high-yield sales after a hiatus during which she was a managing director at Libertas Partners, a Greenwich, Conn.-based dealer. Frey did not return a call seeking comment. Sal Abbatiello, coo and president of Libertas, says Frey wanted a chance to work closer to her home and had a difficult time adjusting to a smaller firm. Prior to Libertas, she had worked at Bear Stearns. "She's a great lady and we wish her the best," he says. Abbatiello plans to replace Frey and continue with his hiring program.