Morgan Joseph & Co, a US-based investment banking firm, has named William McDermott as a managing director and head of the company’s institutional group, a new position. He will report to John Sorte, president and CEO of the company.

Mr McDermott most recently was a managing director and head of institutional sales at Soleil Securities, a position he held for two years. He previously had similar positions with Wachovia Securities, with which he was associated for three years, and at WR Hambrecht & Co, for two years.

Prior to that, Mr McDermott was head of institutional sales at Hambrecht & Quist, which he joined in 1995 and remained through 2002, a period encompassing that firm’s acquisition by JP Morgan & Co. Among other Wall Street firms, he had key institutional sales assignments with Dean Witter Reynolds, CJ Lawrence, Alex Brown & Sons and Kidder Peabody. His first Wall Street position was with Paine Webber, Jackson & Curtis, which he joined in 1981.

Mr Sorte said: “Given our strategy, we are fortunate to have Will join us to help do just that. He understands and has worked in the institutional area for many years, and is highly respected in the industry for his knowledge, judgment and accomplishments. I am pleased that we have the right person for this very promising segment of our business.”