Bear Stearns has hired Mark Davies from Credit Suisse First Boston to head up its credit derivatives effort, in a sign that the bank is keen to boost its share of a fast-growing market.

Davies joins Bear Stearns in mid-May as a managing director in New York. He will report to Jeffrey Mayer and Craig Overlander, co-heads of fixed income. The move represents a promotion for Davies who headed credit derivatives in developed markets at CSFB.