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David Teolis has joined Forest Investment Management, a hedge-fund based in Old Greenwich, Conn., as a portfolio manager for the firm's newly developing distressed business. He will also co-manage the fund's capital structure arbitrage program, says Doug Cramer, a firm spokesman to whom Teolis referred calls. Teolis joins from Nomura Asset Management. Nomura officials could not be reached.
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None of the traders interviewed by BondWeek reported a single high-yield bond that was better on the week as of Thursday afternoon. Damage was relatively contained in sectors such as gaming, healthcare, chemicals and industrials. Holders of a certain $30 billion telecom issuer were not so lucky.
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At least three high-yield strategists are forecasting positive returns for the remainder of the year, in spite of last Wednesday's WorldCom-related sell-off, which caused returns of -4.23%--the worst single-day for returns in high-yield history, according to Mike Taylor, high-yield strategist at Bear Stearns. The month of June was also the worst on record, according to the Merrill Lynch High-Yield Master II, which was down 7.16% through last Wednesday.
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Brian McManus, head of collateralized debt obligation research at Merrill Lynch, and a frequent Insitutional Investor Fixed Income All-America Research Team winner, has retired to Miami. Dan Castro, the asset-backed securities research chief, says he is filling in for McManus. He says there are no immediate plans to replace him. Castro adds that McManus, 44, likes to travel and owns property in Eastern Europe and Nicaragua. At Merrill, he reported to Marty Fridson, managing director and chief high-yield strategist. Fridson did not return calls. McManus did not reply to e-mail messages.
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Greg Zappin, formerly a director of telecom research at Standard & Poor's, has joined Delaware Investment Advisors in Philadelphia, according to a spokeswoman at Delaware. Zappin will work as an analyst focusing on junk and high-grade credits primarily in the consumer products, retail and industrial sectors. He reports to Ward Tatge, senior v.p. and director of fixed-income research. The position is new as Delaware was looking to beef up its research group. No further hires are planned.
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Brian McManus, head of collateralized debt obligation research at Merrill Lynch, and a frequent Institutional Investor Fixed-Income All-America Research Team winner, has retired to Miami, according to sister publication BondWeek. Dan Castro, the asset-backed securities research chief, said he is filling in for McManus as there are no immediate plans to replace him. He added that McManus, 44, likes to travel and owns property in Eastern Europe and Nicaragua.
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Moody's Investors Service has added Jim Brennan as a collateralized debt obligation analyst in its New York office. He will report to Isaac Efrat, managing director, and will rate various CDO transactions from cash-flow deals to synthetic transactions, including arbitrage and market value deals. Brennan says he started two weeks ago and that his position is a newly created one. He joins from Mutual of Omaha in Nebraska, where he reported to Donna Ennis, v.p. of structured securities. Mary Kavan has replaced him there, he says.
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BNP Paribas is on the lookout for asset-backed analysts for its London-based ABS research team. One of the new hires will replace Ingrid Blauer, the former head of ABS research who left the firm about a month ago for personal reasons, says a Paribas insider. Another will be an addition to the team, bringing the total number of ABS analysts in London to three. Currently, Leo Wang, who has been at the firm for some time, is handling all the ABS research duties.
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Tom Cornacchia, a veteran mortgage-backed securities salesman at Credit Suisse First Boston, left the firm early last week to join Goldman Sachs. An ex-CSFB individual says Cornacchia covered some of the more active managers in the MBS market, including Clinton Group and WAMCO, and was considered a "big producer." He reported to Tom Guba, head of structured product sales at CSFB, who was traveling last Friday and unavailable to comment. A call to John Sobol, head of MBS at Goldman Sachs, was not returned at press time.