Deutsche Bank named Pius Sprenger as head of trading for ABS and CDOs, replacing Greg Lippmann, according to a report from Bloomberg, which quoted two people familiar with the matter who declined to be identified.
Sprenger previously headed up European ABS and CDO trading for the bank in London since 2004. Before Deutsche, he was with the fixed-income groups at Morgan Stanley and Lehman Brothers Asset Management.
According to the report, Lippmann is joining an investment firm being started by Fred Brettschneider, who is also the investment bank's outgoing head of global markets in the Americas.
Brettschneider’s departure and plans were announced internally in a Feb. 24 memo, the Bloomberg report said.
Lippmann's appointment as global head of ABS trading and syndicate was announced by the bank in June 2006. He was based in New York and initially reported to Richard d'Albert, who has since left the bank and was then managing director and head of the securitized products group (SPG).
Lippmann joined SPG in March 2000 and was described as instrumental in developing Deutsche's ABS and CDO platforms.
Beginning in June 2004, he had been head of ABS trading and syndicate for North America as well as global head of CDO trading. The news release on his appointment said that Lippman successfully led the industry consortiums that developed the single-name ABS CDS and ABSX Index trading platforms.
He was also credited with establishing Deutsche Bank as a top player in these emerging business areas.