US - Stephen Shapiro, co-founder and managing director of Wachovia Corporation subsidiary OFFITBANK, is to join Satellite Asset Management as a principal and portfolio manager.
Shapiro will focus on absolute return strategies in the high yield, bank loan and distressed debt markets at New York-based Satellite - which manages over $3.2bn for institutional and high net investors.
While at OFFITBANK, he was responsible for all high yield investments, managing assets totalling $3.1bn billion for various funds and managed accounts.
Shapiro was previously a portfolio manager/research analyst at Bank Julius Baer, and before that a research analyst at liquidated junk bond securities firm Drexel Burnham Lambert.
The appointment is effective from 1 September.
By Madhu Kalia
Most respondents in this week's Pensions Buzz do not think businesses should be able suspend AE contributions if in financial distress.
Former BHS owner Dominic Chappell has lost the appeal against his section 72 conviction and sentence for failing to hand over information to The Pensions Regulator (TPR).
This week's top stories include Marsh and McLennan Companies agreeing to buy JLT, and the home secretary calling for AE to be scrapped in a no-deal Brexit scenario.
Lesley Titcomb says the watchdog wants closer interactions with pension funds to spot problems sooner and act before having to use its more stringent powers