Credit Suisse recently reorganized its structured products group. These changes come after the firm shut down origination activity, cut positions and reduced its risk exposure over the past year, according to an internal memo at the bank.
Mike Marriott will serve as head of structured products, where he will be responsible for all aspects of the banks RMBS and ABS businesses, as well as CMBS secondary and CDO trading.
Andy Kimura will take on a newly created position as head of structured products proprietary trading, where he will oversee the management and risk reduction of the legacy synthetic CDO and CDO warehouse positions. Marriott and Kimura will report to Gael de Boissard and Jonathan McHardy.
The CDO group has is also being reorganized. Albert Sohn, who also reports to Marriot, will take the role of non-agency mortgage trading including securities and loan trading. Sohn will also work closely with both Marriott and Kimura in aggregate risk management.
Neal Roodin will take the position head of scratch and dent trading, where he will report to Sohn. Roodin will also continue in his position as chief risk officer of structured products. In this capacity, he will report to Marriott.
Mike Daniel will continue as head of fixed and ARM non-agency trading, which includes RMBS credit. He will also report to Sohn.
Bruce Kaiserman and Pete Sack will both run a newly formed group focused on mortgage finance and administration. The group will be responsible for transaction management and finance activities as well as some administrative functions within the department. Both Kaiserman and Sack will report to Marriott.
Also reporting to Marriott are Tricia Hazelwood who is now global head of asset finance, focused on client coverage in the ABS sector. She replaces Greg Richter, who is moving into a senior client coverage role in the fixed-income division and investment banking division.
Ben Aitkenhead, who will continue as head of structured product sales, will now also be responsible for the mortgage companies Select Purpose Servicing, which the bank acquired in 2005, and LIME Financial, which Credit Suisse acquired in 2007. Matt Hollingsworth will head the mortgage companies and will report to Aitkenhead, who reports to Marriott.
Those remaining in their current positions include Rob Huntingon, who is head of agency trading, including passthroughs and agency CMOs, Lee Godfrey, head of structured products trading in Asia, including local currency origination efforts, Patrick Remmert, COO of structured products and Hans Bald, head of the conduit business. They will all report to Marriott.