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MOVES-Boutique adviser PJ Solomon expands sponsor, TMT coverage -source

·1 min read

Aug 7 (Reuters) - PJ Solomon has hired two new bankers to bolster its investment banking coverage of financial sponsors and the technology, media and telecom sectors, according to a person familiar with the matter.

The New York-based bank has recruited Sash Rentala from Moelis & Co and Kristin Allen from Credit Suisse Group , the source said, requesting anonymity as the hires are not yet public.

Rentala will come in as managing director to lead PJ Solomon's newly formed financial sponsors group, and Allen will be a managing director in its TMT group.

Credit Suisse and Moelis did not immediately respond to requests for comment.

For PJ Solomon, it follows new hires earlier this year in its energy and healthcare practices.

Private equity and tech deals have been two of the most active areas for mergers and acquisition in recent years, but both have been negatively impacted by the COVID-19 pandemic.

U.S. buyout activity totaled $105.8 billion in the first six months of 2020, down 18% from a year earlier, while global tech M&A activity was $195.5 billion by mid-July, down 8% from the prior-year period, according to Refinitiv data.

(Reporting by Joshua Franklin in Boston; Editing by Dan Grebler)