Having seen its standing in the U.S. ABS league tables dip in 2004, JPMorgan Securities has revamped its structured finance group, combining the asset-backed and mortgage backed teams under new management. The recent move to name Christine Cole and Bill King as co-heads of U.S. structured finance has the group set to return to the prominent pre-merger position JPMorgan enjoyed in recent years.

The move is expected to pay dividends for JPMorgan in 2005, after a year in which the underwriter has maintained, or even increased, its business in auto loan and credit card ABS, but lagged in the rapidly growing mortgage-related sectors. In fact, despite underwriting more home equity ABS in 2004 than 2003, JPMorgan has been unable to keep pace with the exponential growth experienced by the likes of Countrywide Securities and RBS Greenwich Capital, which both focus primarily on mortgage ABS.

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