Oppenheimer, an investment bank and wealth manager, has built out its fixed income division with ten distressed debt team hires, as institutional investors seek more options due to credit markets continuing to tighten.
The team, which joins from TD Cowen, will be folded into Oppenheimer’s high yield desk and led by managing director Jay McDermott, who will report to Peter Albano, senior managing director and global head of fixed income. In addition to TD Cowen, McDermott has also worked for Bear Stearns, RBS and Debtstream over the course of his more than 25-year career.
On the new hires, managing director McDermott said: “The combined team has decades of experience and extraordinarily deep relationships within the distressed debt community. This aligns seamlessly with Oppenheimer’s well established capital markets expertise and corporate culture. We are excited to join the firm and contribute both to the success of the global fixed income client franchise, as well as the broader achievements of the entire organisation.”
Senior managing director and global head of fixed income, Albano said: “The expansion of our fixed income division further demonstrates our relevance to institutional investors during a period marked by liquidity constraints and an increased frequency of credit events.
“The evolving dynamics of the credit markets place greater demands on security and sector selection by clients. By providing thought leadership and leveraging our expansive distribution capabilities, Oppenheimer’s clients will be better equipped to outperform their benchmarks and take advantage of market opportunities that lie ahead.”
The ten new additions are: Tim Cavanaugh, managing director, loan sales and sourcing; Michael Kasper, managing director, sales; Harvey Potter, managing director, sales; Eric Friel, head of high yield and distressed research; David Kelley, head of distressed trading; Ron Ryder, head of special assets; Jon Satran, head of bank loans; Matt Feldman, executive director, research; Francesca Sena, executive director, legal; Brian Smyth, associate, research/sourcing.
Robert Lowenthal, president and head of US investment banking at Oppenheimer, said: “The addition of this team significantly expands the firm’s capabilities and broadens the spectrum of services we can offer to institutional investors and issuers.
“Over the past fifteen years, historically low interest rates helped to create an environment that conditioned borrowers to depend upon a lower cost of capital than is presently attainable. As a result, we have witnessed a surge in restructuring and debt advisory engagements across our investment banking and public finance advisory businesses.”
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