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.
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