 Bloom, Heyer and Kehler were succeeded by managing directors Edward Levy and Bruce Spohler, who had worked previously at Argosy and Drexel, together with Bill Phoenix.By 2002, as a result of these developments, the CIBC implemented a strategy to reallocate resources and capital away from the riskier CIBC World Markets division in favor of its retail operations.As part of this reallocation, and in an effort to reduce conflicts between the bank's principal investments and its financial sponsor clients, the Trimaran operations would subsequently spinout completely from CIBC World Markets.