HY Trader Departs BTIG for Broadpoint Gleacher
February 2, 2010
Veteran high yield trader Todd Sycoff has left BTIG to join Broadpoint Gleacher. Sycoff joined BTIG early last year and is expected to start at Broadpoint next month.
Prior to BTIG, Sycoff worked at Bear Stearns as a high yield portfolio manager in the asset management division. Before that, he spent 16 years on the trading desks of Bear and Merrill Lynch as the head high yield trader (LFN, June 11, 2009). Sycoff declined to comment.
BTIG’s debt group was launched last February by Jon Bass, formerly of UBS, and John Purcell, formerly of Citigroup (LFN, Feb. 9, 2009). It focuses on sales and trading of credit products, from investment grade to distressed debt. The firm issued a statement saying it was "very committed to the HY/distressed space and the broader build out of the fixed income business." It said it continues to expand its platform and recently hired Chris Majak and Kerry Stein for its high yield and distressed sales group and Michael Satzberg in high yield and distressed trading.
Broadpoint Gleacher was formed last year when Broadpoint Securities merged with Gleacher Partners, led by former Lehman M&A veteran Eric Gleacher, who now sits as the merged entity's chairman (LFN, Sept. 8, 2009). It was recently the lead underwriter for the bond offering priced by Appleton Papers, which issued $305 million in 10.5% senior secured notes due 2015 on Jan. 29.
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