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ARGOSY FORMS SECURITIES UNIT FOR HIGH YIELD DEBT; MARIO MONELLO AND LEON WAGNER TO RUN SALES AND TRADING

 NEW YORK, Sept. 13 /PRNewswire/ -- The Argosy Group L.P. today announced the formation of a new subsidiary that will underwrite and trade high yield debt securities and provide high yield research to institutional customers. The new securities unit, which will be called The Argosy Securities Group, L.P., will augment the firm's existing investment banking business which includes merger advisory, restructuring advisory and private placements of debt. Mario A. Monello and Leon M. Wagner, two high yield sales and trading veterans, have been named president and vice chairman, respectively, of the new unit.
 Dean Kehler, managing director of the Argosy Group, said that the decision to form Argosy Securities was a natural outgrowth of the firm's extensive advisory work in mergers, restructurings and private placements for high yield issuers. "There is a clear need for someone who can focus senior-level professionals and provide a full range of services -- from origination to trading and research - in this market segment. Argosy already had strong relationships with issuers; Mario and Leon provide ready access to the buyers of these securities."
 Prior to joining Argosy, Mr. Monello was a partner at Lehman Brothers, managing its high yield operations since 1989 and a member of its fixed income division management committee since 1991. Mr. Monello was a driving force in creating a truly integrated high yield effort at Lehman Brothers that combined investment banking with sales, trading and research. Building on Mr. Monello's experience in distressed utilities and high grade corporate bond management, Lehman Brothers built its high yield business into a major factor in the marketplace.
 Mr. Monello's client relationships allowed Lehman Brothers to participate in several unique transactions, including a $1.5 billion RJR bond buyback, and its role as the largest creditor of Walter Industries. Mr. Monello's trading in distressed utilities also provided a formidable platform for Lehman Brothers to develop a 10-year relationship with LILCO, culminating in the issuance of more than $3 billion in new corporate bonds.
 Leon Wagner, Argosy Securities' new vice chairman, was previously a partner with Dabney/Resnick and Wagner, a Los Angeles-based firm specializing in high yield securities. Between 1986 and 1990, Mr. Wagner was an institutional salesman in the high yield bond department at Drexel Burnham Lambert, where he participated in the structuring, issuance and trading of many debt and equity transactions. Prior to Drexel, Mr. Wagner spent 10 years as a member of Shearson Lehman Brothers' taxable fixed income department.
 "Mario and Leon bring world-class skills to Argosy," noted Mr. Kehler. "Mario was an integral part of Lehman's emergence as a major player in high yield sales, trading and research. Leon, meanwhile, has not only assisted large institutional investors in building high yield fixed income portfolios, he has also participated in the structuring and issuance of many debt and equity transactions. Between them, they are a formidable team."
 The Argosy Group, which is based in New York, was formed in 1990. To date it has advised in approximately $9 billion worth of merger and restructuring transactions.
 -0- 9/13/93
 /CONTACT: Dean Kehler of Argosy Group, 212-664-1400, or Gregory William Miller of Robinson Lake/Sawyer Miller Group, 212-484-7404/


CO: The Argosy Group, L.P. ST: New York IN: FIN SU: PER

WB-LG -- NY083 -- 1404 09/13/93 15:19 EDT
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Publication:PR Newswire
Date:Sep 13, 1993
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