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.
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.