The D. E. Shaw Group recently tapped Richard McKinney as a managing director to oversee the firms newly formed asset-backed securities unit.
McKinney will report to Max Stone, a member of the firms six-person executive committee. Also new to the group is Rocky Kurita, who joined the firm in July as a senior vice president and will work directly with McKinney.
McKinney joins the firm from Lehman Brothers, where he headed the securitized products business for the past year. Kurita joins from Deutsche Bank, where he was a managing director and has fourteen years of experience in trading, hedging, and marketing ABS.
The depth of expertise in securitized products that Rich and Rocky bring will enhance our ability to invest in a broad range of asset-backed products, Stone said. The establishment of a focused group should formalize the firms efforts in this area and help them take advantage of a broader range of market opportunities.
