Bear Stearns is seeking to pick up key bankers with transaction and customer relationship experience for its London-based origination desk, according to Noel Dunn, senior managing director for debt corporate finance. Dunn says there are roughly 10 bankers on the desk, while noting that, "We have more hiring to do and the current market makes for a terrific opportunity to hire good people."
Dunn joined the firm in June from Unica Communications, which has folded: he had been ceo. Previously, he headed Goldman Sachs' syndicate and bond trading operation in London.
Dunn says Bear Stearns plans to concentrate on specialist financing and will seek to brand itself as a niche shop. The group aims to bring innovative structures and different asset classes to market, according to Andrew Clapham, managing director and head of principal and asset-backed finance. As he puts it: "We want to do the clever deals."
Currently, Bear Stearns is working with Fortis Bank to securitize a Dutch healthcare loan portfolio, and Clapham says it will seek to securitize non-performing loan, real estate and pub portfolios as well.