CIBC Bulks Up Sales Group

In response to stronger demand from European institutional investors, the high yield division of CIBC World Markets in London restructured its European sales desk earlier this month, increasing the staff by three, Managing Director James Courtenay said.

Tracy Harris, previously with Deutsche Banc Alex. Brown, joined the group as an associate, while Caroline Fischer and Andrew MacMillan, both executive directors, transferred to the team from within CIBC.

The three will report to Executive Director Frank Ferrantelli, the former head of research in London, who will now co-manage CIBC's European sales, trading and research businesses with senior high yield trader Denis Loubignac.

In addition to these appointments, managing directors Simon Perry and Monty Qureshi, two of CIBC's senior credit sales professionals, will increase their focus on high yield sales.

Courtenay said that the changes were made because of increased demand from institutional investors in continental Europe.

"It's really about the number of investors," he said. "We found that we just weren't able to cover the market."

CIBC's high yield operation now has more than 30 professionals total.