Paul Hastings has secured a significant coup for its high yield practice with the hire of Milbank Tweed Hadley & McCloy partner Peter Schwartz.

Schwartz, who resigned from Milbank yesterday, is one of a handful of leading partners in the London high yield market, one of the most sought after sets of expertise for leveraged finance work, and a key reason behind the success of US firms in the City in recent years.

Among Schwartz's key banking clients are Nomura, Deutsche, Bank of America and Goldman Sachs, with which the New York-qualified partner has particularly close ties.

He will join Paul Hastings' corporate practice, where he will work on leveraged finance and capital markets matters, as well as restructurings and general compliance issues.

Edward Holmes, an associate in Paul Hastings' New York office, who advises on securities matters for both bank and issuer clients, is also relocating to London in the next few weeks and will work with Schwartz.

The hire is the third example of a major high yield partner in London to have moved in recent weeks.

For Schwartz, the move re-unites him with James Cole, the former head of Weil Gotshal & Manges' capital markets team, who joined Paul Hastings at the start of 2013.

Schwartz joined Milbank's global securities group from Weil in 2010, having made partner two years earlier.

The hire is also Paul Hastings' third senior lateral in London in the last year, following the hire of legacy SJ Berwin's real estate partner David Ryland, and Hogan Lovells' financial services partner Ben Regnard-Weinrabe in June.

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