UK's largest debt originator HBOS has restructured its capital markets division, hiring Robert Plehn and Parker Russell from the Dutch financial services group ING.
Plehn, who was former global head of securitization at ING, is now head of securitization at HBOS. His group will be part of the new capital markets team to be headed by Tony Main, who is now head of funding and liquidity at HBOS. Main will be replaced by Ian Fox, who is currently head of money markets.
Russell, who was head of ABCP at ING will be head of debt capital markets at HBOS. He will be reporting to Plehn. Included in Plehn's team will be David Balai, who is head of capital markets and securitization at HBOS Treasury services.
According to published reports, Plehn's departure from ING is seen as a blow for the firm. ING had just restructured its securitization division in March, making Plehn global head.
Reports also stated that ING has looked internally to replace Plehn. Enda Allen, who was previously global head of structured credit risk management at the bank, has been promoted as global head of securitization effective immediately. Allen, who is based in Dublin, has been with ING since 1993 .