FBR hires former Bear Stearns bankers as senior managing directors of convertibles unit

By Devika Patel

Knoxville, Tenn., June 30 - FBR Capital Markets Corp. has hired Michael Lloyd as senior managing director and head of convertible securities in sales and trading and Paul S. Rosica as senior managing director and head of equity-linked capital markets in investment banking, according to a company news release.

Lloyd and Rosica built a small and mid-cap convertible securities platform at Bear Stearns, which was named "Best in Class" in a recent Sanford Bernstein survey. Under their leadership, FBR Capital Markets is scaling up to a 15-member convertible securities team, which is expected to be originating and trading in the third quarter of 2008.

Lloyd was senior managing director, global head of convertible trading at Bear Stearns from 2002 to 2008 and had responsibility for all primary and secondary capital commitment. Lloyd has over 20 years of experience in equity and convertibles trading having held senior positions at Bear Stearns in New York and London after starting his career in convertibles at Morgan Grenfell in London, the release stated.

Rosica, a 20-year Wall Street veteran, most recently was senior managing director, global head of equity-linked capital markets at Bear Stearns. FBR said his previous positions include senior vice president responsible for convertible origination at Lehman Brothers, director and head of corporate fixed-income derivative origination in debt capital markets at Deutsche Bank and principal responsible for corporate derivative origination at Bankers Trust Securities/BT Alex. Brown.

"FBR Capital Markets is committed to leveraging our balance sheet strength and market leading position in equity capital markets to extend our corporate finance franchise through relevant capabilities focused on our core middle market clients," FBR president and chief operating officer Rick Hendrix said in the release.

"We are confident that adding this talented team and building a creative, client-focused business will enhance customer relationships and provide an important new revenue source for our firm. Michael and Paul are consummate professionals and bring great leadership skills in addition to their distinguished capital markets track records."

FBR, based in Arlington, Va., is an investment banking, institutional brokerage and asset management firm.

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