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JPMorgan Appoints Murray to Head U.S. Leveraged-Finance Business

JPMorgan Chase & Co. named Gerry Murray to run its North America leveraged-finance business, which includes capital markets, restructuring and origination of high-yield bonds and leveraged loans

The global investment-grade businesses for both loans and bond originations will be led by Thomas Cassin and Huw Richards, according to an internal memo obtained by Bloomberg News. Justin Perras, a spokesman for New York-based JPMorgan, confirmed the moves. Richards will relocate to New York from London.

JPMorgan, the largest and most profitable U.S. bank, divided its capital markets business into two groups last month and named Andy O’Brien and Jim Casey co-heads of global debt-capital markets.

Ray Doody will remain head of leveraged finance for Europe, the Middle East and Africa, including high-yield bonds leveraged loans and restructuring, and Melissa Smith will move to London from New York to run EMEA investment-grade finance, according to the memo.

Murray has been with the bank for more than 17 years and was part of the original high-yield team, according to Perras.

JPMorgan leads underwriters in high-yield and high-grade debt this year and is the largest syndicated-loan underwriter, with a 20.1 percent market share, according to data compiled by Bloomberg.

Leveraged loans and high-yield bonds are those rated below BBB- by Standard & Poor’s and less than Baa3 by Moody’s Investors Service.

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