CRT Capital, a Stamford, Conn.-based junk and distressed bond dealer, has hired three senior professionals who left DrKW-Granchester when that firm sharply scaled back its business in December (BW, 12/15). CRT, which has specialized in distressed securities and busted convertibles, sees the cutbacks by Grantchester as an opportunity to make inroads in the mainstream high-yield market, according to Chris Young and Mike Vaughn, two of CRT's three managing members. The firm plans several mores hires in research, trading and particularly sales, says Young.
The recent hires include Kevin Eng, who joined Grantchester at its inception in 1989 and oversaw research at the firm. Eng has been a member of the Institutional Investor All-America Fixed-Income Team several times in various sectors. Most recently, he has focused on the auto and building products sectors, which will be his primary focus at CRT, says Young. The other hires are Jed Stevens, a salesman, and Chris Beil, a trader. Eng and Beil, who will start this month, did not return calls to their homes. Stevens, who has already joined CRT, did not return a call.