Frank Knowles, Merrill Lynch's co-head of European fixed-income research, who also headed up the European high-yield research effort, has left the firm. Knowles, who had been at Merrill in London for 15 years, is looking for a spot on the buy-side, says a Merrill insider. His replacement has not yet been named, but Patrick McCullough, has taken up Knowles' telecom coverage responsibilities, says the insider.
Separately, Guillermo Carrascosa, a high-yield analyst covering industrials, has resigned to join asset manager La Caixa as a credit portfolio manager in Barcelona. Chris Malone has joined from Alliance Capital to replace Carrascosa. Merrill is seeking to opportunistically hire for high-yield sales, trading and research, says an official at the firm. "If the right person becomes available, we will hire them," he says.