Schiaffino, who will be a senior member of the firm's
high yield research group, has 18 years of
high yield and investment grade experience plus an additional nine years of experience as a consultant.
Under the terms of the proposals, shareholders of The
High Yield Income Fund, Inc.
Analysis of
high yield credits by Duff & Phelps Investment Research Company will provide the foundation for the firm's investment decisions.
The report provides additional key figures for
high yield and leverage loan issuance for both Q4 and the entire year.
According to the Lehman Brothers
High Yield Index,
high yield securities have averaged annual returns for the periods ended December 31, 1993, of 17.
Stolberg and Haley will enhance the management of SSgA's
high yield assets and further advance the firm's global active credit capabilities.
The fact that Jim Zelter has joined our firm is a clear signal of our serious commitment to the
high yield sector of the marketplace," said Mr.
A top provider of execution and liquidity in small and mid-cap securities, Jefferies has expertise in equity, convertible,
high yield and other fixed income securities, as well as derivatives, options, ETFs and commodity-linked products.
Monello was a partner at Lehman Brothers, managing its
high yield operations since 1989 and a member of its fixed income division management committee since 1991.
In some ways the low default rate is somewhat self-perpetuating in that low defaults have made
high yield an attractive asset class which has in turn increased liquidity, making it possible for companies that need money to access the market.
high yield market is moving from recovery over the past two years toward becoming a permanent part of the American capital markets," said Mr.
Richards commented, "As I learned more about SSgA's global footprint in investment, cutting edge implementation strategies, and global distribution capabilities, I was convinced that SSgA provides the perfect platform for building next-generation capabilities in
High Yield and Leveraged Loans as growing global asset classes.
