“there might be a more legitimate reason why many wealth managers steer clear of Norway” -- David Bain
Saturday, 21st November 2009
Alex Kirk, the former head of principal investing at Lehman Brothers, is believed to be teaming up with his former second-in-command, Bart McDade, to establish a fund called River Birch Capital, according to a report in New York Post.
Sources said that the vehicle would buy distressed assets and other fixed-income debt, including high-yield securities.
Banks have never been shy of firing staff at the merest whiff of a downturn. First the fat, then the muscle and finally the bone. In the past, cuts have been so deep that firms have found it hard to benefit when the markets rebounded, paying over the odds to restaff at speed. Such wild oscillations in staffing numbers are known as “doing a Merrill”.
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