Sal Abbatiello has resigned from his position as head high-yield trader at RBC Capital Markets to start a new dealer firm with a former colleague trading distressed, high-yield and crossover securities. Abbatiello says cutbacks at other firms have created an opportunity to snap up a lot of veteran high-yield talent. The firm, called Libertas Partners, has five employees so far, but plans to hire 15 more people by the second quarter of next year. Abbatiello, the coo and president, will focus on sales, while Gary Katcher, who resigned from RBC as head trader last year (BW, 4/15/01), is the ceo, and will oversee the firm's trading business. Based in Greenwich, Conn., Libertas will focus exclusively on sales and trading, though Abbatiello says that if they find an investment banker with good client contacts, underwriting could be a possibility.
Dan Elkaim, head of high-yield at RBC Capital Markets, did not return calls asking about the firm's plans replace for Abbatiello.