Broker dealer BTIG has added two traders and a sales executive to its high yield and distressed group, it announced today.
Chris Majak joins BTIG's high yield trading group. Majak was most recently a high yield and distressed credit trader for Polygon Investments. Prior to that, he was a high yield and distressed salesperson for Miller Tabak, KPC and Barclays.
Michael Satzberg also joins the firm as a trader in high yield and distressed group. Satzberg was most recently responsible for developing and managing the distressed debt and private corporate loan portfolio for Sun Capital Partners. Previously, he was a senior vice president responsible for trading at Jefferies, as well as a portfolio manager with 1838 Investment Advisors. He was also a manager with Coopers & Lybrand.
Joining the firm's high yield sales group is Kerry Stein, who will focus on high yield and special situations. Stein was the head of fixed income and bank debt trading at Jones Trading before joining BTIG. He also served as a high yield, emerging markets and high grade trader for Drexel Burnham, Paine Webber and Morgan Joseph.
Majak and Stein are based in New York. Satzberg is based in Los Angeles. All three have the title of managing director and joined BTIG in early January.
BTIG’s debt group was launched last February by Jon Bass, formerly of UBS, and John Purcell, formerly of Citigroup who serve as coheads of the global fixed income group. It focuses on sales and trading of credit products, from investment grade to distressed debt.
Veteran high yield trader Todd Sycoff recently left BTIG to join Broadpoint Gleacher. Sycoff joined BTIG early last year and is expected to start at Broadpoint next month.