FBR Capital Markets, an Arlington, Va.-based investment, broker and asset manager, is setting up a credit trading team and debt origination business, according to Bloomberg.
The company is aiming to trade and sell loans, bonds and distressed credits, as well as originate and close debt. This effort will be overseen by Michael Lloyd, who runs FBRs convertibles business. FBR has hired Vik Natarajan, a former distressed trader at UBS, to act as the head of distressed debt trading. It also hired Todd Dahlstrom and Michael Cunningham, who were both at Morgan Stanley and both sold debt. Their positions at FBR have not been finalized.