Oppenheimer, an investment bank, wealth manager and a subsidiary of Oppenheimer Holdings, continued the expansion of its fixed income division with the addition of 10 more high yield and distressed debt team members. The combined expertise of the new members will further strengthen the firm’s capabilities across the spectrum of credit products.
“We’re making deep investments at a time when we believe there’s great opportunity to invest in sourcing, trading and distribution expertise for differentiated credit products on behalf of our institutional clients,” Peter Albano, senior managing director and global head of fixed income at Oppenheimer, said. “These include bank loans, distressed bonds, reorg equity, preferreds and claims.”
The new hires report to Jay McDermott, head of leveraged finance sales and trading. McDermott and 10 other distressed debt team members from TD Cowen joined Oppenheimer in late 2023.
The new team members are:
- Michael Brennan, managing director, sales
- Daniela Bar-Ilan, managing director, sales
- Jeremy Goldman, managing director, sales
- John Mori, managing director, co-head of distressed
- Kirk Ruddy, managing director, sales
- Jay Sommer, managing director, co-head of special assets
- Peter Taukus, managing director, trading
- Kevin Cleary, executive director, sales
- Gail Rosenblum, executive director, special assets
- Jason Gong, associate, research
_x000D_
_x000D_
_x000D_
_x000D_
_x000D_
_x000D_
_x000D_
_x000D_
_x000D_
_x000D_
Oppenheimer’s high yield desk and distressed debt team now consists of 32 professionals, including dedicated traders, salespeople, sourcers and analysts. Over a third of the team has more than 15 years of experience in the space. The team covers over 1,000 institutional accounts.
“By continuing to build out our team, we have positioned Oppenheimer to stand out as an industry leader in high yield and distressed debt,” Robert Lowenthal, president of Oppenheimer, said. “The steady stream of restructurings and liability management programs emerging over the next few years provides an increasing number of investment opportunities, especially as a substantial wall of global speculative-grade corporate maturities are set to come due.”
“As a more classic distressed cycle emerges, with a U-shape rather than the V-shaped recoveries we’ve seen since the Great Financial Crisis, a longer entry and longer recovery is poised to play out,” McDermott said. “Oppenheimer’s leveraged finance sales and trading capabilities are well positioned to help our clients navigate this increasingly complex and difficult environment.”
