Barclays Capital has hired two Goldman Sachs managing directors to help launch a US high-yield and leveraged finance business, which will give the bank a full range of fixed-income products in the US.
Joseph McGrath and Frederick Van Zijl will join Barclays Capital's New York office in January. Both are on gardening leave from Goldman.
Together they will run US leveraged finance and origination. In addition, McGrath will lead US high-yield distribution and Van Zijl will lead US leveraged loans and mezzanine finance.
McGrath has worked at Goldman since 1998, most recently as a managing director and head of credit syndicate. He was previously head of US high-yield capital markets and head of US high-yield sales.
Before joining Goldman, he was a managing director in high-yield capital markets at Salomon Smith Barney, now part of Citigroup.
Van Zijl has also worked at Goldman since 1998, most recently as a managing director in leveraged finance.
Before that, he was a vice-president in acquisition finance at Chase Securities, now part of JP Morgan, and a vice president in leveraged finance at Credit Suisse First Boston.