Longtime industry icon Joe Donovan has taken on a newly created role at Credit Suisse First Boston, to act as an "ambassador" between the fixed-income and investment banking unit. In his new position, as chairman of ABS and Debt Financing, Donovan will be marketing both secured and unsecured financing to the firm's client base, apparently to leverage opportunities across the product groups.
"This is meant to recognize that I've covered many large important issuers for many years," Donovan said. "It will also give me an opportunity to interact with investment banking which reflects my roots at the firm."
Though his coverage area has expanded, Donovan intends to maintain his position as treasurer in the management committee of the American Securitization Forum.
Donovan will report to Jerry Wood and Jim Healy, co-heads of fixed income, and Bayo Ogunlesi on the investment banking side.
As part of the re-organization - which was inked last Monday - former group co-head Greg Richter has moved off the trading desk and will now head the ABS banking side as well ABS syndicate. Richter's new title is head of Asset Finance Capital Markets.
The secondary market traders formerly reporting to Richter now report to Mike Marriott, who also heads commercial mortgage-backed securities trading. Trish Hazelwood, who will still report to Richter, will continue to head the day-to-day ABS syndicate operations.
Meanwhile, CSFB has restructured its collateralized debt obligation business, combining the New York operations with its London team to form a global platform, headed by Scott Ulm and David Thompson. This group will work closely with the Leveraged Finance CDO group, headed by Jerry DeVito and Alan Mentle.
The investment grade CDO structuring business will be headed by Tom Pascale on a global basis. This includes ABS, investment grade corporates, project finance, and all other non-high yield asset classes. Kris Kraus and Adrian Carr will be responsible for warehousing and trading, with Richter still managing the syndication of CDOs in the U.S. Kareem Serageldin will be responsible for trading of synthetic CDOs globally.
Marketing of CDOs, both on the high grade and high yield side, will be headed jointly by Clayton Perry and Frank Hager.
CSFB's New York CDO group was previously headed by Chris Ricciardi, who moved over to Merrill Lynch earlier this year. Interesting, these developments seem to put a knife into the rumors that Donovan and Richter will be taking the ABS group to another firm. Such was the industry buzz a month back - fueled by Ricciardi's defection and a so-so showing in the ABS first quarter league tables (see ASR 4/7).
