Over the last several weeks, Dresdner Kleinwort Wasserstein has lost a few of its key ABS professionals, most recently the head of its U.S. securitization group, Jon Bottorff, who left the German investment bank on March 22.

Just weeks earlier, Victor Mahoney, Bottorff's No. 2, was let go from the firm for unspecified reasons.

A senior manager at Dresdner declined to comment on developments or plans to replace Bottorff, who is heading over to HSBC Securities to run the structured finance group, reporting to John Cutting. Bottorff replaces Michael Parker, who had been HSBC's head of ABCP, prior to being let go when the investment bank shed hundreds of employees globally in February, attributing the layoffs to post-merger restructuring.

Mahoney has yet to be placed, though is considered a "top-shelf transactor" with 12 years of experience in securitization.

Dresdner runs several conduits, including Beethoven Funding Corp., K2 Corp. and Silver Tower Funding. HSBC also runs ABCP conduits (Regency Markets), as well as structured investment vehicles (SIVs).

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