Chase Securities Inc., which in the past month has hired three junk bond specialists from CS First Boston, has now raided that firm's investment-grade area.
In a statement Wednesday, the Chase Manhattan Corp. subsidiary said it hired John Judson, 42, an 11-year veteran of First Boston.
At Chase, Mr. Judson will be in charge of originating bond underwriting assignments from clients with investment-grade credit ratings, managing a group of six origination professionals already in place.
Focus on Origination
The newly created post is apparently intended to give more focus to the origination function within the high-grade bond group.
Mr. Judson will report to Robert Cohen, head of fixed income securities, who also is a veteran of First Boston.
In a telephone interview, Mr. Cohen said hc talked to a number of candidates at major investment banks before settling on Mr. Judson.
Mr. Judson will be joining a growing group of First Boston alumni at Chase Securities.
Last month Chase hired John Kolmer to run sales and trading in its junk bond department.
Mr. Kolmer was quickly joined by First Boston junk bond specialists Bob Dennis and Mark Lightcap.
The high-profile additions to Chase's junk bond department added credibility to Chase's public statements that it intends to become a major player in that business.
Although Chase wants to build its investment-grade capabilities, the big push right now is clearly on the noninvestmentgrade end of the business, where Chase believes it can make faster progress.
In joining Chase, Mr. Judson is returning to where he began his career. From 1974 to 1981, he held posts in strategic planning and in Chase's chemical industry lending group.
Mr. Judson left Chase to join the former Irving Trust Co. where he was a vice president of corporate lending until 1983, when he went to First Boston.