Jay Kim, co-head of Barclays Capital's U.S. asset securitization team, will be moving to Credit Suisse in May to head up the bank's asset finance team. He will be bringing around 10 Barclays bankers with him.
The move comes less than a year after former head of U.S. asset securitization at Barclays Michael Wade joined Credit Suisse to be managing director and co-head of asset finance in the global markets solutions group together with long-time Credit Suisse securitization banker Tricia Hazelwood.
Kim's hiring makes it unclear what role Wade, who was Kim's former boss at Barclays, and Hazelwood will have going forward. It is also not certain whether either one will be leaving the firm.
Along with Kim's hiring, Credit Suisse's internal memo said that the bank has decided to move the asset finance team into the global structured products group within fixed income "to provide vertically integrated solutions for our securitized products clients."
"Given the sizable risk transfers that are expected to take place over the next several years, we believe that this alignment of origination, advisory, structuring, trading and distribution will allow us to deliver seamless solutions for our clients and capitalize on our market-leading position in securitized products," the memo said. At the same time, the asset finance team will be well positioned to offer "the same high level of service for our investment banking clients."
Meanwhile, aside from Kim's and his team's departures, everything remains the same at Barclays.
Cory Wishengrad, co-head of Barclays' U.S. asset securitization team, and the esoteric ABS origination group are still with the firm. This team has been active in the esoteric space with recent transactions for Adams Outdoor, Church’s Chicken, etc.
Brian Wiele continues to run Barclays' ABS syndicate platform. Wiele was hired by Barclays to replace Craig Leonard who moved with Wade to be head of ABS syndicate at Credit Suisse.
Chris Leslie remains as head of securitized products sales while Tom Hamilton still serves as head of securitized products trading.
“Our clients are our number one priority," Brandon Ashcraft, spokesperson for Barclays said in an e-mail. “We remain fully committed to our securitization business, which is supported by a talented group of professionals across origination, sales, trading and conduit. This deep bench of talent enables us to provide our clients with the first-class products and services that have earned Barclays Capital its reputation as a leader in securitized products.”
There is no word yet on Kim's replacement over at Barclays.
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