Greg Hanley, managing director and head of distressed trading at Bear Stearns, has added high-yield trading to his responsibilities, according to Russell Sherman, a firm spokesman. Hanley fills a void left by Harry Rosenberg, who had overseen all credit trading and research, from high grade to high yield, before he left the firm last month (BW, 3/13). Rosenberg's high-grade responsibilities were taken over last month by Kelley Millet (BW, 3/17).
Artie DeGaetano, a managing director who ran the high-yield desk under Rosenberg, had also been considered a candidate for the top junk trading post, according to a senior Bear Stearns official. The official believes Hanley won out because he has been highly profitable of late, and is closer to Craig Overlander, newly appointed fixed-income co-head.