Bankers Trust's London-based securitization team has come out of BT's merger with Deutsche Bank without a scratch. The eight-strong team, headed by Lemy Gresh, has been transferred to Deutsche intact, to form a team called Structured Securitizations that will be separate from Tamara Adler's European Securitization Group, according to a source close to the firms.

The two groups will complement each other rather than compete, the source said, as they have traditionally concentrated on different kinds of transactions. Adler's team has tended toward balance sheet securitizations for financial institutions, such as CLOs and mortgage deals, while Gresh's people have mostly arranged operating business securitizations, like the recent Madame Tussauds transaction.

Under this arrangement, Gresh will report to Tommy Gahan, Deutsche's relatively new head of credit products, while Adler will continue to report to Charles von Arentschildt, a co-head of global markets for North America.

The two teams will be located in the same office and have already begun working on deals together. The move is likely to further strengthen Deutsche's growing presence in the European asset-backed market and consolidate its position at the head of the non-dollar bookrunning league table, securitization pros suggested.

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