Canaccord Genuity Inc. is shaking up its fixed income group in the United States, promoting a new leader to grow the business.
The firm said Steve Lobb will become head of U.S. fixed income. Under the new structure, the U.S. fixed income business will be divided into levered finance (Mr. Lobb will also become the group's head of levered finance, origination), institutional, regional and structured groups.
Mr. Lobb joined Canaccord as senior managing director and head of U.S. fixed income sales about a year ago, after working at companies such as Société Générale and Credit Suisse. His hiring was part of an expansion of Canaccord's global fixed income business, as the firm increased its employee base and commitment to the U.S. market.
In an internal memo to staff, global head of sales and trading Mark Whaling said the changes were part of an effort to build a "meaningful and profitable" fixed income business in the U.S., indicating the firm hopes to improve performance.
"Fixed income remains a key focus area for future growth and an excellent way to get more leverage from our diverse group of global bankers," Mr. Whaling said in the e-mail to staff.
Amid these changes, Brad Bodine, the former head of U.S. fixed income, is leaving the firm. So is Michael Brill, who was formerly head of fixed income banking based in New York. Three other high yield sales and research specialists who were hired last year are also leaving.