Bear Stearns has tapped Michael Hyland, director of global high-yield research, to lead the U.S. investment-grade research group as well, according to Russell Sherman, a firm spokesman. The move comes as Bear Stearns works to fill voids created after Marion Boucher Soper, the former head of investment-grade research, led a team of analysts to Deutsche Bank last month (BW, 3/13).
Deanna Coyle, formerly a junior analyst, now assumes lead coverage of insurance credits. Another junior analyst, Chris Munshower, will be the lead analyst covering leisure, gaming and retail. The firm is still looking to bring in analysts to cover banking and telecom, a firm official says.
Telecom, banking, finance and basic industries were among the sectors covered by the team of analysts that left with Boucher Soper. Bear Stearns officials say the firm wants a smaller research group that will focus on sectors where it has a significant underwriting presence.