SG Corporate & Investment Banking has recruited Adam Harnetty from BNP Paribas to oversee its growing European high-yield research effort, following the departure of Julien Raffelsbauer, who left the bank last month after a year.
The hire of Harnetty, who will be a senior credit analyst and coordinate SG's European high-yield research, is in line with the French bank's efforts to expand its high-yield research team in Europe as a response to rapid development in the sector.
As part of its growth plan, the bank has introduced a sector-based approach within the non-investment grade research team. Harnetty will be the senior analyst covering industrial and general industry companies, while Jostein Gauslaa will continue to cover high-yield telecoms companies.
The bank has also enlarged the role of Sonia van Dorp, a senior credit analyst covering consumer and services companies, to include non-investment grade companies as well as investment grade borrowers.
SG said the switch to sector-based coverage "will allow analysts to capitalise on their industry knowledge when analysing specific names".
Harnetty, who spent a decade at Invesco before joining BNP Paribas in December 2004, will report to Benoit Hubaud, head of credit, fixed income and foreign exchange research at SG, which said it will add another dedicated analyst to the high yield team in the next few months.
Raffelsbauer joined SG as head of European high-yield research from Bank of America's London team in May last year.