Barclays Nabs Deutsche Bank High Yield Trader
May 14, 2008
A former co-head of high yield trading at Deutsche Bank has joined Barclays Global Investors to head up the firm's active U.S. fixed income trading desk. In a newly created position, Chip Stevens, who has extensive experience in the credit and derivatives markets, will be responsible for overseeing fixed-income trading in the U.S. and managing and developing the firm's U.S. broker/dealer trading relationships. Stevens will report to Marie Chandoha, head of the global fixed-income business.
BGI's fixed-income business has increased over the last several years as it has grown its index and exchange-traded fund business, while expanding its active fixed-income offerings, according to the firm. As of the end of the first quarter 2008, BGI managed $406 billion in fixed income, up from $150 billion five years ago. Stevens was most recently co-head of high yield trading at Deutsche, where he focused on integrating the cash and credit derivatives (CDS) trading businesses.
Earlier in his career, he managed Merrill Lynch's high grade CDS trading desk in London and launched credit derivatives trading at Citibank. He began his career in compliance at Salomon Brothers. He holds a B.A. in economics from Cornell and an M.B.A. from Duke University.
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