TD Securities has hired Derrick Herndon as managing director in charge of high-yield sales and trading. Mr. Herndon was previously a managing director in high-yield trading at Bankers Trust Co., where he worked for five years.
Mr. Herndon, who took his new post on Tuesday, will report to Peter Bethlenfalvy, president and chief executive of TD Securities, the investment banking arm of Toronto Dominion Bank. He will work with Mark Grotevant, managing director in high-yield research, and Gordon Paris, a managing director in charge of high-yield origination and capital markets.
Mr. Herndon who joins 30 others in TD Securities' high-yield group, including 10 who specialize in trading media, telecommunications, and communications issues.
"We think he's one of the best traders on Wall street," said Mr. Bethlenfalvy. "His focus on media and telecom is perfect fit with TD, and someone of his quality will help us get to the next level."
TD Securities got permission to underwrite debt and equity in August 1995 and has been in 34 transactions so far.
"Our next level is to lead transactions on a frequent basis," Mr. Bethlenfalvy said.