Ex-CIBC junk research chief Mally joining Murray Capital Management

By Paul Deckelman

New York, Dec. 3 - Edward P. Mally, the former long-time head of distressed and high yield research for CIBC World Markets Inc., will join Murray Capital Management Inc., a New York-based investment advisory firm beginning Dec. 16, Murray said in a statement Tuesday.

Mally abruptly left CIBC several weeks ago in the midst of a belt-tightening campaign at the company's investment banking and wealth management divisions aimed at eliminating more than 700 jobs, undertaken in the midst of what CIBC called "the continued low level of business activity, particularly in investment banking." He was replaced as head of high yield research by Jacques Cornet.

Mally will join Murray Capital in the newly created position of head of research for the distressed-debt investment company, which has over $300 million under management. Mally will report to Marti P. Murray, the company's president and portfolio manager, who founded the firm in 1995.

Murray Capital's statement noted that Mally brings to his new position "over fifteen years of research and proprietary trading experience, and a hard-earned reputation for the highest level of analytical skills and strong management capabilities."

Mally - who holds a BS degree in Economics from the Wharton School of the University of Pennsylvania and an MBA in Finance from Columbia University - began his career in high yield and distressed securities research in 1987 with Salomon Brothers Inc. In 1994, he moved to Citicorp Securities as a senior high yield analyst and headed the research group at that firm. In 1995, Mally joined the high yield group at CIBC World Markets and spent more than seven years there as head of high yield and distressed securities research.

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