The 20 Rising Stars of Fixed Income 2008

prising more than half of the firm’s overall assets under management. Prior to joining Greenock Capital, Deitrick was the global head of bank loan research at Citigroup, which he joined in January 2001. During his tenure at the bank, he worked to grow its corporate loan research business from number eight or nine in the league tables to number one or two, a feat he called his greatest accomplishment so far.“It was an interesting time to be in the business and be able to grow the business by that much,” he said. Before that, he was a senior analyst in corporate bond research at JPMorgan Securities for just under two years. Deitrick, however, wasn’t always involved in the finance industry. In college, his focus was international relations, a degree that landed him a job as a foreign service officer for the U.S. Department of State. During his threeplus years working for the government, he was involved with privatization programs in Eastern Europe, an assignment that he said peaked his interest in the challenges of the business world. Shortly after that, he took a job as a senior analyst in corporate bond research at Bank of America Securities, a post he held for two years before moving to JPMorgan. Over the course of his 10 years in the loan and credit business, Deitrick has worked to raise institutional investor awareness of the loan market as a real investment product. In that time, he has watched it go from a sleepy market segment to a space widely populated by institutional investors. He co-authored two books on the industry - The Structured Credit Handbook and The Loan Market Handbook - and regularly speaks at on credit and loans at conferences in New York, Tokyo and Shanghai. In the next decade, Deitrick believes investment products will continue to converge, with a particular focus on the fixed-income markets. “For the most part, those markets currently are illiquid and inefficient, but good traders will be able to take advan- tage of the eventual convergence,” he said. “It’s going to be a great time to be in fixed income.” 3. NICHOLAS DENT Head of Rates Syndicate Merrill Lynch, London Age: 33 Education: Loughborough University (B.A. in Politics) Mentors: Martin Egan, Global Head of Primary Markets, BNP Paribas; John Fleming, European Head of Syndicate, Credit Suisse; Simon Meadows, Co-Head of European Fixed Income Sales, Credit Suisse; Paul Richards, Global Head of Syndicate, Merrill Lynch Dent joined Merrill Lynch two years ago after spending 10 years on the syndicate desk at Credit Suisse, where he was a syndicate manager for sovereign, supranational and agency (SSA) products from 1996 to 2006. At Merrill, he heads a four-person team that includes two traders and a syndicate assistant and is responsible for overseeing the syndication of all SSA and covered bond issues. While at Credit Suisse, Dent worked on France Telecom’s historic $16 billion multi-tranche, multi-currency global bond deal – the biggest corporate bond issuance to date at the time it was completed in 2001. “It was a very exciting time, with telecom companies forging their expansion at break-neck speed,” Dent said, explaining that, in those pre-Internet days, the whole allocation was done manually. “We built book solidly for three days.” The excitement of the markets is what drew Dent to his profession and propels him going forward. “The beauty of the primary market is that it is a hybrid of risk and face-to-face contact with issuers,” he said. “The thrill of executing a deal and pitching for business is very 3. NICHOLAS DENT addictive.” If he has any frustration, it is with the short memory of the markets that impedes the ability of its participants to learn lessons from past mistakes. Dent, a graduate of Loughborough University in Leicestershire, England, counts on technology and increased efficiency to lead the markets into the future.“I think the players may grow in size but shrink in number, as institutions will be forced to merge to remain competitive,” he said. “Global balances will continue to shift,” he added, pointing to the emergence of sovereign wealth funds and the growth of commodity-rich nations. Looking beyond the fixed-income markets, Dent is inspired and excited by visionaries who have created exceptional brands. He cited Richard Branson, founder and chairman of the Virgin Group; Terry Leahy, chief executive of British supermarket chain Tesco; and Steve Jobs, chief executive and co-founder of Apple, as particularly inspirational. MAY 2008 14 FIXED INCOME RISING STARS

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