Bankers Trust New York Corp. has named Ted Virtue president of its beefed up securities unit, BT Alex. Brown Inc.
Bankers Trust's global finance chief, Mr. Virtue, 37, oversees origination and distribution of all loan-related, fixed-income, and equity products. He also is senior managing director and executive vice president of the bank.
As president of BT Alex. Brown, a new post, Mr. Virtue reports to Yves de Balmann and Mayo Shattuck, vice chairmen of Bankers Trust and co- chairmen of the securities unit.
Mr. Shattuck is the former president and chief operating officer of Alex. Brown & Sons, the securities firm Bankers Trust bought in September for $1.7 billion.
Since the acquisition, BT Alex. Brown has managed a number of transactions, including a $220 million high-yield bond offering for American Communications Services Inc.; a $150 million high-yield offering for Transtel SA; and $320 million of Eurobonds for MRS Logistica.
BT Alex. Brown ranks as the eighth-largest underwriter of high-yield bonds, raising more than $6 billion in 41 public and rule 144a issues this year, according to Securities Data Co. BT Alex. Brown is also the 11th- largest underwriter of initial public offerings, raising $971.3 million from 20 deals this year. It has led initial public offerings for Centennial Healthcare and for Metals USA Inc.
Mr. Virtue joined Bankers Trust in 1990 from Drexel Burnham Lambert, where he had been a senior vice president in the high-yield bond department. Before that, he had worked at Bankers Trust in syndicated lending.
He is on Bankers Trust's management committee, business council, and client committee.
"Ted has provided important leadership in developing the breadth of capabilities that BT Alex. Brown now brings to clients," Mr. Balmann and Mr. Shattuck said in a statement.