Financial Security Assurance has reorganized the management of its U.S. corporate finance department to reflect a maturing securitization industry.
Daniel Farrell, formerly managing director of FSA's asset finance group, is now running the corporate finance group, which includes the asset-backed and mortgage- backed businesses.
The group is sectioned into four parts: consumer receivables, collateralized debt obligations, structured finance, and residential mortgages.
"It's really a reorganization [so that FSA will] be prepared for the broad opportunities," Farrell said. "We've done this in steps, bringing different asset-backed groups together so that we have a larger pool of resources."
Mark Castiglione, formerly a director in the asset finance group, will run the consumer receivables business. William Fischer, who was managing director, will run the CDO group, while Raymond Galkowski, formerly a director in the asset finance group, will run the structured finance group. David Williams, formerly co-head of the residential mortgage group with Glen Tso, will take charge of that group. Tso will lead a newly formed asset management group, will create and manage structured investment programs.
All five are managing directors reporting to Farrell.
"Most of these guys have 10-plus years experience, and they've all worked on a number of different types of assets, which is going to be really powerful, [considering] the way our markets expand and contract," Farrell said.
Farrell's career with FSA goes back to 1990, when he joined residential mortgage group.