Richard Lindquist and six members of his high-yield bond team at Credit Suisse Asset Management will move to HSBC Investments (USA). Mr. Lindquist will be managing director and head of U.S. high yield, said Stephen Cohen, HSBC spokesman. It is a new position. He said Mr. Lindquist will join the firm "sometime in the next two months." Mr. Lindquist will report to Gregg Diliberto, global head of fixed income, and he will be part of the firm's new specialized alpha investment business, which will be named HSBC Halbis Partners. The formation of the new business remains subject to legal and regulatory approvals. Mr. Cohen noted HSBC has not had any high-yield capability in the United States until now.
Mr. Lindquist was managing director and head of the high-yield bond team at CSAM. Joining him at HSBC will be Misia Dudley, Philip Schantz, Mary Ann Thomas and John Tobin, who will be senior vice presidents, and John Dessauer and Michael Dugan, who will be vice presidents; Mr. Dugan was a client portfolio manager and the others were credit analysts.Ashweeta Durani, Credit Suisse spokeswoman, said Dennis Schaney, global head of fixed income, and Michael Gray, global head of credit research, will temporarily share Mr. Lindquist's former responsibilities. Suzanne Fleming, Credit Suisse spokeswoman, said the firm isn't commenting further on the vacated positions. She noted the seven individuals comprised the entire high-yield bond team.