As a testament to demand for structured finance professionals with experience in collateralized debt obligations, nearly all of the former CGA Investment Management CDO group have successfully landed at various Street firms.
Former group head Landon Parsons recently started at Credit Based Asset Servicing and Securitization (C-BASS) as a senior vice president, managing C-BASS's CDO program. C-BASS has been a repeat issuer of ABS CDOs. As those deals need diversity in the underlying pools, Parsons will also be purchasing the non-residential assets for the ABS CDOs.
Gregory King and Grace Emilio, both of whom reported to Parsons at CGA, have landed at XL Capital Assurance. At CGA, Emilio worked on surveillance and specialized in home equity.
Also, Carol Faber, who worked on credit cards and home equities at CGA, has landed at Fitch, reportedly a senior in the agency's home-equity group.
A former associate from Parsons' group is still weighing options, but should be placed imminently, Parsons said.
CGA Investment Management was dismantled following a credit downgrade of its affiliate, Bermuda-based Commercial Guaranty Assurance last spring. ACE Financial Services took over the operations of CGAIM.