Following the recent hire of ABS professionals from Banc of America Securities, crosstown rival First Union Securities Inc. plans to be aggressive in leading new issues in the auto-loan and credit card sectors, aspiring to finish the year among the top 10 underwriters of auto-loan ABS and taking on more lead-managing roles in credit card transactions.

According to Bennett Cole, managing director and senior vice president of asset securitization origination for First Union, the firm, which is already a player in the home-equity and equipment lease markets, intends to leverage the skill sets of its recently acquired BofA talent to boost its league-table presence in the auto sector.

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