D. E. Shaw & Co. Hires Senior Traders in Distressed Securities; New Hires Enhance Credit Research and Trading Capabilities.Business Editors NEW YORK--(BUSINESS WIRE)--Feb. 8, 2002 D. E. Shaw & Co., L.P. announced today that Max Holmes and Daniel Posner have joined the firm as Senior Vice Presidents to develop and implement investment strategies focusing on distressed securities Distressed Securities A company that is currently going through hard times and, as a result, the market value of its securities or assets fall substantially in value. Notes: These securities then become attractive to bottom fishers or vultures. . Mr. Holmes will serve as head of the D. E. Shaw group's new Distressed Securities Group. Mr. Holmes joins the firm after serving as founder and co-head of the high-yield group at RBC Dominion Securities
Canada's central bank, established under the Bank of Canada Act (1934). It was founded during the Great Depression to regulate credit and currency. The Bank acts as the Canadian government's fiscal agent and has the sole right to issue paper money. . He has also held senior portfolio management, credit research, and sales positions at Gleacher NatWest Inc., Salomon Brothers Inc, and Drexel Burnham Lambert Drexel Burnham Lambert was a major Wall Street investment banking firm, which first rose to prominence and then was driven into bankruptcy in the 1980s by its involvement in illegal activities in the junk bond market, driven by Drexel employee Michael Milken. Inc. Mr. Posner comes to the D. E. Shaw group from Intermarket Corporation, an investment manager specializing in distressed securities, where he was a senior vice president. Previously, Mr. Posner had been a member of the distressed portfolio management team at UBS UBS Union Bank of Switzerland UBS United Bible Societies UBS United Blood Services UBS United Buying Service UBS Used Bookstore UBS University Business Services UBS Universal Building Society (UK) UBS Ulaanbaatar Broadcasting System Warburg Dillon Read Investment bank created by the 1997 merger of S.G. Warburg & Co. and Dillon, Read & Co. Subsequently renamed UBS Warburg and now part of UBS AG, where the Warburg name was eventually dropped. , a reorganization consultant at Deloitte & Touche Consulting Group, and a financial analyst at Goldman, Sachs & Co. "Max and Daniel's expertise in the area of distressed investing is a perfect complement to the D. E. Shaw group's acumen in risk management, portfolio optimization, and technology," said Julius Gaudio, managing director of D. E. Shaw & Co., L.P. with responsibility for the management and trading of the firm's equity-linked investment strategies. The Distressed Securities Group will report to Mr. Gaudio. D. E. Shaw & Co., L.P. is part of the D. E. Shaw group of companies, a specialized investment firm whose activities center on various aspects of the intersection between technology and finance. The firm currently manages approximately $2.9 billion in capital. |
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