With a decent showing this year already, RBS Greenwich Capital is planning a significant expansion of its CDO group, affirming its commitment to the sector with the hire of Romita Shetty, who starts later this month. Shetty was formerly responsible for global structured products at JPMorgan Securities.
RBS has led about $2 billion in CDOs so far this year, compared with $590 million for full-year 2003 (see ASR 1/26/04).
Shetty will co-head the effort with Fred Matera, who has been with RBS for about three years. The Shetty hire marks the firm's expansion into structured credit, derivatives and equity products, though Matera and Shetty will jointly run the synthetic and cash CDO operations as a combined business operating both here and abroad.
RBS will also offer structured solutions, such as correlation or customized single-tranche trades currently popular in the synthetic space.
Both Matera and Shetty will report to John Walsh, who runs the North American capital markets group. "This is part of a credit market ramp-up across the board,"said a source familiar with the developments.
Shetty resigned from JPMorgan last month, shortly after returning from maternity leave. Andrew Webber, formerly of Deutsche Bank Securities, is also joining RBS. RBS will continue hiring opportunistically over the next year, sources said.
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