Canaccord Financial Inc. has recruited a raft of U.S. employees, deepening its commitment south of the border.
The firm is adding a high yield and loan team to gain access to the secondary high-yield institutional market "and allow our global banking team to leverage their relationships to grow a high yield new issue business as well," according to an internal e-mail circulated this week.
Canaccord also said the high yield team would help further develop its middle markets business.
The expansion comes after Canaccord Genuity added to its fixed income team last month, as Boyd Erman wrote.
In this case, the new hires appear to have helped push U.S. broker-dealer Pierpoint Securities out of the high yield and loan business. An executive with Pierpoint told Bloomberg last week that the company had "11 people in those businesses resign over the weekend and today."
Here are the highlights from the e-mail:
High yield trading:
John Caputo, a former senior trader responsible for trading crossover, high yield and distressed bonds and loans.
Charles Womack takes the position of managing director and head of loan sales.
A former lawyer, Daniel Newman has worked in leverages finance for 14 year with a focus on bank loans.
High yield sales
Peter Allen's experience includes selling high-yield corporate bonds, special situations and loan products to institutional players, hedge funds and private banks.
Richard Baker has over twenty years of experience as a senior fixed income salesman focused on high yield, distressed and special situations.
Iain Kennedy has worked at a number of major banks including Lehman Brothers where his role as a senior vice-president made him responsible for products including domestic and international convertibles, equities and credit derivatives.
Marty Teevan was formerly the managing director of leveraged finance sales and trading at Pierpoint.
High yield research
Mark Pibl will cover high yield strategy, energy, metals and mining.
Michael Drexler will look at telecommunications, media and technology.
Robert Goodman is responsible for industrials and distressed debt.
Thomas O'Neill will focus on consumer products.
A head of U.S. fixed income is yet to be announced.