Contact:
Arati Sontakay
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March 13, 1998
First Union Names Doyle Head of Fixed Income Research
CHARLOTTE - First Union has created a new position, head of fixed income research, in its Capital Markets Group. Brian Doyle has been named to the new leadership role. Doyle was most recently First Union's head of high yield research, specifically covering the supermarket and chemical industries.
In this new role, Doyle is responsible for managing and growing First Union's fixed income research group which includes high yield, investment grade and structured products research, quantitative analytics and portfolio strategies. These groups had functioned independently within the fixed income area prior to Doyle's appointment. While these areas continue to operate distinctly supporting capital markets sales and trading with in-depth research and software development, they now compose the fixed income research group. The group employs a total of 26 professionals.
Doyle's position was created to direct the growth of the new fixed income research group, according to Owen Williams, First Union managing director of sales and trading. "These areas are expanding very quickly and are in high demand," Williams said. "Brian has illustrated remarkable leadership and organizational capabilities in his three years as head of the high yield research group, and I'm confident he will strategically position and grow the fixed income research group to best serve client needs."
"I'm excited to be leading this diverse group of talented professionals," said Doyle. "Research is a vital part of delivering capital markets solutions to clients and given First Union's growth in this area, the fixed income research group is expected to expand and evolve significantly this year."
Gary Palmer is the new head of high yield research. He was most recently a director in the group covering the healthcare, oil and gas industries.
Doyle joined First Union in April 1995. He was previously managing director of high yield research at Citicorp Securities Inc. in New York. He joined CitiCorp in 1991 from Salomon Brothers Inc. For five of his six years at Salomon, Doyle was the director of high yield research and held similar positions at Donaldson Lufkin & Jenrette and Fidelity Management.
First Union Capital Markets Group is a division of Wheat First Securities Inc., a solely owned subsidiary of First Union. The group offers a full range of investment banking services, including private placements, equity underwriting, asset securitization, merger and acquisition advisory, high yield finance, structured finance, asset-backed finance, loan syndications, mezzanine and equity capital, leasing, foreign exchange, public finance, international trade finance, interest rate hedging and municipal securities underwriting.
Charlotte-based First Union Corporation is the nation's sixth-largest bank with assets of $157 billion as of Dec. 31, 1997. First Union serves more than 12 million retail and commercial customers and has offices throughout the East Coast from Florida to Connecticut.
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