RBC Capital Hires ex-Bear MD |
Date: Wednesday, July 9, 2008
Author: Yael Bizouati, Financial News Online.com
RBC Capital Markets appointed a former Bear Stearns managing director as head of US leveraged finance, following the creation of a European leveraged finance business earlier this year.
Jim Wolfe will be based in the New York branch of the corporate and investment banking arm of Royal Bank of Canada, and will report to Blair Fleming, RBC’s head of global syndicated and leveraged finance, according to a spokeswoman for RBC.
A source familiar with the situation said Wolfe was not among the Bear bankers that JP Morgan retained after it acquired Bear Stearns.
Wolfe and a spokeswoman for JP Morgan were not available for comment.
In his new role, Wolfe will partner with RBC's US head of global syndicated finance Miguel Roman, and RBC head of high-yield capital markets Nick Daifotis. Wolfe will focus on deal origination and execution.
Wolfe worked 15 years at Bear Stearns, most recently as senior managing director in the leveraged finance group, where he focused on origination, structuring and execution of leveraged loans, bridge loans, and high-yield offerings for corporations and financial sponsors.
RBC hired 15 professionals for the new leveraged finance division, all hailing from CIBC—four in March and the remaining in May.
CIBC closed its leveraged finance division in December, following the massive losses the bank sustained due to its US residential mortgage exposures, a CIBC spokesman said.
