CIBC World Markets has hired Susannah Gray as a managing director and high-yield analyst focusing primarily on the healthcare sector. Ed Mally, CIBC's former head of high-yield research who was recently released from the firm, had followed healthcare, though it was not his primary coverage responsibility.
Gray, herself released in a recent round of cutbacks at Merrill Lynch, has been a runner-up on the Institutional Investor All-America Fixed-Income Team in three of the last four years. She also spent nine years at Chase Securities, the last four of which were as an analyst. At CIBC, she reports to Jacques Cornet, managing director and head of high-yield research.
Gray says that she chose CIBC in part because she knows a lot of people at the firm, and because "it gives me an opportunity to get involved with a pretty good team of healthcare bankers and try to get some debt business going."
Cornet hired Gray because, "She's a very good analyst, and one of the firm's strengths is healthcare, and we want to align high-yield and leveraged finance research with that strength." No further hires are planned at this time, he says.