Barclays Capital announced in an internal memo that Diane Rinnovatore will become co-head of securitized products origination (SPO) along with with Cory Wishengrad, who is currently co-head of SPO and head of the esoteric ABS origination group at the bank. He has been running the Barclays esoteric ABS business since late 2008.
Rinnovatore replaces Jay Kim, the former co-head of the bank's U.S. asset securitization team. Kim, who brought with him at least 10 Barclays bankers, will start at Credit Suisse in May to head up the bank's asset finance team.
Ronnovatore, according to the a Barclays spokesperson, has been in debt capital markets covering banks for the past three years. Before this, she was co-head of securitized products banking at Lehman Brothers.
"Diane brings almost 20 years of experience in consumer and mortgage securitization and many long-standing client relationships to the SPO team," the internal memo said. "Her expertise is a perfect complement to the best-in-class esoteric ABS franchise that Cory has built. Cory and Diane, who have worked together since 1999, will partner closely with trading and syndicate to maintain our #1 ranked ABS franchise and grow our already significant market share across asset classes."
Back in early March, and not even a week after news broke of Kim's departure, Barclays re-hired Martin Attea from Morgan Stanley, where he was an executive director in global structured solutions.
Attea re-joined Barclays as the senior originator of consumer securitization transactions in the securitized products origination group.
The speed in which Barclays appointed Attea after Kim's departure demonstrated at that time the bank's commitment to the consumer ABS business, which is the void that Kim left behind.
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