London-based agency brokerage Execution has formed a new agency credit division, which will be led by a former Merrill Lynch fixed-income trader.
The new division will deal in high-grade debt, asset-backed securities, emerging market debt, as well as high-yield and distressed debt and loans.
Execution has hired Bruce Howitt, formerly a director of Merrill Lynch’s fixed income business, where he managed the non-financials trading desk, to head and develop the unit. Howitt plans to hire more staff to the division in the coming months. He will report to group CEO Simon Brookhouse.
Prior to his six-year stint at Merrill, Howitt held positions at Lehman Brothers and J.P. Morgan.
“This is the right time to be developing an agency credit business,” said Howitt in a statement. “The liquidity problems experienced in the last two years have highlighted even more strongly the need for strong credit sales capability that is free from conflicts of interest.”
“We are delighted that Bruce is joining us to develop a client-focused agency credit business and to lead what will become an important part of our firm, as we continue to build its breadth and depth across a variety of business areas,” added Brookhouse.