CIBC Wood Gundy Securities Corp. has added an all-star analyst to its high-yield research team.

Lisa Gaffney jumped from Bear, Stearns & Co. last week to be a director covering consumer products. She will report to Edward Mally, director of research.

At Bear Stearns, Ms. Gaffney covered high-grade consumer products. Before that, she spent six years at Donaldson, Lufkin & Jenrette as a high- yield analyst covering consumer products, and two years in its corporate finance department.

Ms. Gaffney is a five-time member of Institutional Investor magazine's All-America Fixed-Income team. Her hire brings CIBC's high-yield research group to 14 professionals.

"As consolidation continues in the industry, we expect to attract more analysts looking for opportunities in an entrepreneurial atmosphere," Mr. Mally said.

CIBC Wood Gundy is the U.S. investment banking arm of Canadian Imperial Bank of Commerce.

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