GMAC-RFC hires for RMBS trading

GMAC-RFC Securities announced the addition of two new MBS hires last week. Robert Cole was appointed managing director, head of trading and John Glessner was appointed director, senior trader in MBS. Both Cole and Glessner were most recently with Friedman, Billings, Ramsey in Arlington, VA, where Cole was senior managing director and head trader for fixed income sales and trading. His responsibilities included developing and managing the trading team within the firm. Meanwhile, Glessner was also a managing director and senior trader who was responsible for building and managing agency ARM and CMO trading at FBR. GMAC-RFC Securities expects that recent additions will increase its competitiveness in the RMBS sector.