Dresdner Kleinwort Wasserstein has appointed Domenico Picone as head of its structured covered research following the departure of Birgit Specht. This appointment is just one sign of drastic changes to DKW's research format, which Picone refers to as "quite substantial." A source at DKW confirmed that Specht was hired by Citigroup Global Markets.

The bank is streamlining its structured-finance research and will now focus only on CDO research. Dresdner used to publish a structured finance daily, covering a wide range of European-ABS market activity. Last week, the bank published its first credit-check report under the new regime, where it focused on the CDO tranche index. Picone said that, going forward, the group will focus on synthetic CDOs and eventually plans to incorporate cashflow products.

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