UBS Warburg has hired Jeff Keith, a senior high-yield salesman. Keith will report to Steve Chronert, head of high-yield sales based in New York. Keith was released in December from Merrill Lynch, which has made severe cutbacks to its high-yield effort in recent months (BW, 12/16).
Chronert and Keith did not return calls, but one portfolio manager speculates the hire is part of UBSW's ongoing effort to build its high-yield presence. The firm has been steadily hiring high-yield talent away from other firms since it signed Ken Moelis, a junk bond veteran and its head of U.S. investment banking, from Credit Suisse First Boston in late 2000. A director when at Merrill Lynch, Keith had several large accounts, including Capital Research & Management Company in Los Angeles and AIM Capital Management in Houston.