After only six months at Ambac, Brigitte Posch has hopped over to Deutsche Bank, where she is heading Latin American securitizations, according to sources familiar with the move. Her position is new, a likely sign that Deutsche is taking the region more seriously.
According to ASR records, the German bank has been entirely absent from arranging public cross-border deals from the region since December 2003, when it jointly led with BB Securities a $250 million transaction for Banco do Brasil backed by diversified payment rights. In addition, in Mexico - the hottest market in emerging markets for domestic structured issuance - the bank has been far less active over the last couple of years than a number of its global peers in arranging public transactions, after having gotten a headstart in the RMBS realm. A Deutsche Bank official didn't return a request for more specifics on whether Posch will have a specific focus in terms of asset classes, countries, or cross-border versus domestic business.
Prior to Ambac, Posch spent eight years at Moody's Investors Service, where she was instrumental in expanding coverage into the domestic markets of Mexico and Brazil. She now has the title of director, and will be reporting to Richard D'Albert, Deutsche's global head of the securitized products group, and Sean Bates, head of emerging markets credit trading. Ambac is presently looking for a replacement.
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