Deutsche Raids Merrill Again


Deutsche Banc Alex. Brown has continued its assault on the high yield team at Merrill Lynch, most recently persuading David Waill to jump ship.

Waill joined the growing New York high yield desk of the German bank as a managing director in high yield capital markets. He will report to Richard Byrne, managing director and global head of high yield.

Waill, who did not return phone calls by press time, was a managing director at Merrill, where he covered the healthcare sector. In fact, he was a ranked analyst in that category for four of the last six years, according to a company release.

Waill joined several of his former colleagues at Deutsche, as he is at least the eighth managing director to move from Merrill to Deutsche this year. In fact, his direct supervisor, Byrne, left Merrill in May, and earlier in the year, Merrill's Tom Gahan made the move as well.

Gahan, who surprised some in the market with the news of his move, was one of the top lieutenants of Seth Waugh, former head of fixed income at Merrill, who himself left the firm in January. Waugh left on the heels of last year's losses and subsequently, some other key executives felt pressured to leave as well, high yield recruiters said.

Deutsche is also hiring from other banks, snagging Carl Mayer from Bear, Stearns & Co. in September.

Deutsche ranked 12th in high yield underwriting for the first nine months of the year, with a 2.1% market share and a $1.7 billion in proceeds, according to statistics from Thomson Financial Securities Data. Merrill ranked sixth, with a 7% market share and $5.7 billion in proceeds. - LCDeutsche Raids Merrill Again

Deutsche Banc Alex. Brown has continued its assault on the high yield team at Merrill Lynch, most recently persuading David Waill to jump ship.

Waill joined the growing New York high yield desk of the German bank as a managing director in high yield capital markets. He will report to Richard Byrne, managing director and global head of high yield.

Waill, who did not return phone calls by press time, was a managing director at Merrill, where he covered the healthcare sector. In fact, he was a ranked analyst in that category for four of the last six years, according to a company release.

Waill joined several of his former colleagues at Deutsche, as he is at least the eighth managing director to move from Merrill to Deutsche this year. In fact, his direct supervisor, Byrne, left Merrill in May, and earlier in the year, Merrill's Tom Gahan made the move as well.

Gahan, who surprised some in the market with the news of his move, was one of the top lieutenants of Seth Waugh, former head of fixed income at Merrill, who himself left the firm in January. Waugh left on the heels of last year's losses and subsequently, some other key executives felt pressured to leave as well, high yield recruiters said.

Deutsche is also hiring from other banks, snagging Carl Mayer from Bear, Stearns & Co. in September.

Deutsche ranked 12th in high yield underwriting for the first nine months of the year, with a 2.1% market share and a $1.7 billion in proceeds, according to statistics from Thomson Financial Securities Data. Merrill ranked sixth, with a 7% market share and $5.7 billion in proceeds.