Macquarie Capital announced that it is initiating expanded coverage of the industrials sector in the Americas, led by two newly appointed executives. Robert Bayer and Ajay Singh have joined Macquarie Capital as Senior Managing Directors and will be Co-Heads of Industrials in the Americas. In addition, Mr. Bayer will lead Macquarie Capital's coverage of the paper and packaging sector in the Americas, Europe and Asia, while Mr. Singh will lead coverage of the chemicals sector across the same regions. Both will support and leverage Macquarie's capabilities across geographies and business lines. Mr. Bayer joins Macquarie Capital from Guggenheim Partners, where he was a Senior Managing Director leading the firm's paper and packaging coverage. Previously, Mr. Bayer was Managing Director and Head of Packaging, Paper and Forest Products at Jefferies Group. Before that, he held senior positions specializing in paper and forest products at Bank of America Merrill Lynch. Mr. Singh comes to Macquarie Capital from UBS, where he was Managing Director, Global Head of Chemicals for more than 10 years, establishing and expanding coverage of the sector. He built relationships with leading financial sponsors as well as chemical companies globally, including clients in China, India, Israel, Brazil, Germany, Canada and Japan. Before UBS, he covered chemical companies at Donaldson, Lufkin & Jenrette and Credit Suisse First Boston after its acquisition of DLJ. Also joining Macquarie Capital's industrials team in the Americas is Steven Kongmuang, a Senior Vice President who will focus on building products, materials and distribution. He will be based in Chicago, report to Mr. Bayer and Mr. Singh and joins Macquarie Capital from Credit Suisse, where he was a Director in the firm's industrials practice.