Morgan Stanley (MS:US), owner of the world’s largest brokerage, promoted Jim Bonetti to head its U.S. leveraged finance syndicate team, two people briefed on the decision said.
Bonetti will report to Dan Toscano, the New York-based firm’s head of acquisition and leveraged finance, said the people, who asked to remain anonymous because the promotion hadn’t been made public.
Leveraged lending helps borrowers and buyout firms use high-yield debt to support acquisitions, dividend deals and refinancings. The technique has gained favor as investors search for yield amid low interest rates, with new-issue leveraged loans jumping 59 percent this year through May 22. Morgan Stanley ranks ninth in the field among underwriters, according to data compiled by Bloomberg.
Syndicate desks sell off pieces of the loans to institutional investors, or non-bank lenders, and help structure collateralized loan obligations to spread risk.
Bonetti joined Morgan Stanley in 2005 after attending Harvard Business School and previously working at Goldman Sachs Group Inc., according to employment records with the Financial Industry Regulatory Authority. He was named a managing director at the firm this year.
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