Daiwa Capital Markets America has hired Michael Marsallo and Mark Schultz to lead its MBS passthrough desk.
Both have over 20 years of industry experience and were most recently responsible for passthrough trading at MF Global.
Marsallo was formerly at at MF Global where he started the agency passthrough desk and helped build out a mortgage team of over 30 professionals. Before MF Global, Marsallo was a managing director at UBS from 1998 to 2008 and was head of the desk from 2006 to 2008.
Meanwhile, Schultz previously worked with Marsallo as co-head of the passthrough desk at MF Global. Prior to MF Global, Schultz was co-head of passthrough trading at Countrywide Capital Markets and held a similar role at Yamaichi from 1993 to 1997.
"We are excited to hire these two individuals to help grow our business here at Daiwa," said Jim Perillo, head of MBS trading and sales. "We will continue to add seasoned professionals both on the trading and sales side as we expand the agency platform."
"Mike's and Mark's hiring is evidence of Daiwa's commitment to grow the MBS business through customer distribution," said Ray Remy, head of fixed income.