Jenny Lee, formerly a MD with JPMorgan, left the bank for Brigade Capital Management

Insider’s Banker of the Week series appears in our weekday newsletter, 10 Things on Wall Street.
This week we’re highlighting Jenny Lee, who just left her position as a managing director on JPMorgan’s leveraged-finance desk to build a private-credit business for Brigade.
Lee’s decision comes as cashed-up direct lenders take market share from Wall Street banks that have long-dominated the leveraged-finance space.

After almost three decades with JPMorgan, Jenny Lee vacated her role as the bank’s co-head of leveraged capital markets late last month. She is joining alternative investment manager Brigade Capital Management in October to build the firm’s private-credit business.

Lee’s decision comes as the capital markets nurses its way through a slump in dealmaking left hamstrung by volatile stock markets and a slowdown in economic growth. Big banks are also losing share in the leveraged-capital-markets business to private-credit funds, which have shown increased willingness to finance deals that banks typically underwrite and syndicate to investors through high-yield bonds or leveraged loans.

A group of direct lenders led by Blackstone Credit, for example, will provide more than $4 billion in debt for Hellman & Friedman’s and Permira’s $10.2 billion takeover of software firm Zendesk announced in June. In May, a club of lenders including Blackstone, Oak Hill, Crescent Capital, and Blue Owl, provided almost $3 billion to support Carlyle’s purchase of government contractor ManTech International, and that same month, a group led by Ares Management committed up to $2 billion in debt to back the sale of Nielsen to Elliot and Brookfield Asset Management.

For Lee, the move is something of a leap of faith. She’s leaving a top-tier bank with an established leveraged-finance platform to not just build on Brigade’s private-credit arm, but to help …read more

Source:: Business Insider

      

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