DE Shaw hires Holmes, Posner to trade distressed debt

New York, Feb. 8 - D. E. Shaw & Co., LP said it hired Max Holmes to head the company's new distressed securities group and Daniel Posner to join him as a senior trader of distressed securities. Both will be senior vice presidents.

Holmes was previously founder and co-head of the high-yield group at RBC Dominion Securities Corp. Before that he held senior portfolio management, credit research, and sales positions at Gleacher NatWest Inc., Salomon Brothers Inc. and Drexel Burnham Lambert Inc.

Posner was previously at Intermarket Corp., an investment manager specializing in distressed securities, where he was a senior vice president. Before that Posner had been a member of the distressed portfolio management team at UBS Warburg Dillon Read, a reorganization consultant at Deloitte & Touche Consulting Group, and a financial analyst at Goldman, Sachs & Co.

"Max and Daniel's expertise in the area of distressed investing is a perfect complement to the DE Shaw group's acumen in risk management, portfolio optimization, and technology," said Julius Gaudio, managing director at DE Shaw with responsibility for the management and trading of the firm's equity-linked investment strategies. The distressed securities group will report to Gaudio.

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