Piper Sandler Expands Fixed Income Platform with Distressed Debt Group
Event summary
- Piper Sandler adds John Mori and Eric Friel as managing directors to lead a new distressed debt and special assets group.
- Mori and Friel join from Oppenheimer & Co., where Mori was co-head of distressed debt and Friel was head of high-yield and distressed research.
- The new group will focus on sourcing and trading specialized credit products, including distressed assets and securities issued by financially stressed companies.
- The group will collaborate with Piper Sandler's investment banking, capital markets, and restructuring teams.
- Additional hires for the group are expected in the coming weeks and months.
The big picture
Piper Sandler's expansion into distressed debt and special assets comes at a time of heightened market volatility and regulatory shifts, creating dislocation in the distressed space. This strategic move allows the firm to offer clients access to unique investment opportunities and broaden its product depth with a wide cross-section of institutional clients. The addition of experienced professionals from Oppenheimer & Co. underscores the firm's commitment to strengthening its fixed income platform.
What we're watching
- Market Volatility
- How current market volatility and regulatory shifts will impact the demand for distressed debt services.
- Execution Risk
- Whether Piper Sandler can successfully integrate and scale the new distressed debt group.
- Competitive Positioning
- The pace at which Piper Sandler can differentiate its distressed debt offerings from competitors like Oppenheimer & Co. and Cowen and Company.