Word has it that securitization researcher Mark Adelson has left Nomura Securities this week, after 61/2 years with the firm. Adelson was a managing director and spearheaded Nomura's structured finance research efforts. Before Nomura, Adelson had worked at Moody's Investors Service for 91/2 years where he had been an MD in the MBS, ABS, and ABCP areas, according to market sources.
Prior to Moody's, Adelson practiced law with Thacher Proffitt & Wood, where he began his securitization career as an MBS lawyer. Although Nomura Securities did not confirm the departures, sources close to the bank said that fellow researchers James Manzi and Diana Berezina, who had been with the company for seven years and three years, respectively, also left the bank last week. Both Manzi and Berezina handled an array of asset classes, with particular focus on CMBS and residential MBS.
The three researchers left Nomura just weeks after the departure of David Jacob, the former head of fixed income research. As a result of the departures, say sources familiar with the bank, "the firm's fixed income research department is now essentially closed."