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Ropes & Gray loses high yield partner Bloom as Jones Day builds capital markets practice

High-yield expert Jonathan Bloom has quit Ropes & Gray after five years to join rival US firm Jones Day’s London office in a bid to develop the firm’s high yield practice.

Bloom is joining Jones Day’s capital markets practice as partner having previously been partner in the London finance group at Ropes, where he focused on corporate and finance transactions with a particular emphasis on high yield debt offerings and fund-related special situations transactions. He also advises on acquisitions, bridge and mezzanine financings, and debt restructurings. Some of his key clients include GoldenTree Asset Management, BlackRock, KKR Asset Management, and Vision Capital. Part of Bloom’s role will involve working with the firm’s transactional practices in New York.

Prior to Ropes, Bloom was a partner at White & Case for nearly two years; he joined the firm in January 2007 as counsel and became partner a year later.

Jones Day partner-in-charge John Phillips said: ‘As global corporate investment strategies are driven by the search for yield, our clients are increasingly demanding experienced high yield advice. High yield bonds are a funding tool in the debt capital markets and in private equity, restructuring and M&A situations, so Jonathan’s experience will benefit our clients in all these areas.’

Phillips also confirmed that further lateral hires are in the pipeline and that the firm will continue to bring in finance lawyers on the back of the financial markets picking up this year.

Jones Day capital markets head Giles Elliott added: ‘Jones Day regularly advises clients on transactions with multiple layers of financing, including high yield debt, and Jonathan’s considerable experience in both New York and London will help us provide seamless, coordinated advice on the most complex, cross-border matters.’

The hires comes within a week of Ropes hiring heavyweight private equity partner Phil Sanderson from UK firm Travers Smith.