Merrill Lynch has hired Michael Nierenberg from JPMorgan to head global mortgages and securitized products businesses as well as James De Mare from Citigroup to oversee the firms mortgage trading operations.
Nierenberg will report directly to Thomas Montag, who is head of global sales and trading at Merrill, while De Mare will report to Nierenberg.
I am very pleased that both Mike Nierenberg and Jim De Mare have agreed to join Merrill Lynch, Montag said. Both Mike and Jim are among the most highly skilled and knowledgeable people in the mortgage business.
Nierenberg was most recently at JPMorgan as head of global securitized products, a position he held after moving from Bear Stearns earlier this year. He joined Bear in 1994, holding positions such as head of interest rate and foreign exchange trading operations, co-head of structured products and co-head of mortgage-backed securities trading. Prior to Bear Stearns, Nierenberg spent seven years at Lehman Brothers, where he built the firms adjustable rate mortgage business.
De Mare was with Citigroup for 11 years, most recently as the global head of mortgage trading, which included the trading of all securitized products in Citigroups fixed income currencies and commodities group. He joined Salomon Brothers in 1997 to run its ARM trading business. Before Salomon in 1997, De Mare traded agency and non-agency adjustable rate mortgages at Bear Stearns and Prudential Securities.