David Walker has resigned from J.P. Morgan Securities where he was co-head of U.S. high-yield research, according to a colleague. The reason for his departure could not be determined. Walker did not return calls placed to his office or his residence. A former colleague says he has decided to do something "sort of" like a hedge fund, but would not be more specific. It could not be determined whether J.P. Morgan plans to replace Walker. One firm official says that Doug Conn, the other co-head of U.S. high-yield research, is currently the sole head. Walker reported to Chris Linneman and Peter Schmidt-Fellner, co-heads of high-yield, both of whom did not return calls.
Walker was the top-ranked broadcasting and publishing analyst on the 2001 Institutional Investor All-America Fixed-Income Research Team. He also placed second in the cable and satellite sector. He was promoted to co-head of research with Conn last summer (BW, 6/4) shortly after the departure of Steve Ruggiero for UBS Warburg.
Before joining J.P. Morgan, Walker was an analyst at TD Securities, under former Credit Suisse First Boston junk research co-head Mark Grotevant. Les Levi, now managing director, corporate finance, was responsible for bringing Walker to J.P. Morgan's research group.