Just two and a half months after being removed from the position of managing director in charge of the commercial mortgage-backed securities large-loan operation at Banc of America Securities, CMBS veteran Ken Rivkin has resurfaced at Donaldson, Lufkin & Jenrette Securities, heading up its commercial mortgage capital markets group.

In late February Rivkin was forced out of Bank of America's commercial mortgage capital markets group following a reorganization of the department. Rivkin also served as head commercial trader at B of A.

It was not clear whether Rivkin was offered another position at B of A when he left, although most market players believed he would end up at another company.

"I regret to see someone as capable as Ken at such an able competitor to Bank of America," said a source close to Rivkin. "Behind DLJ is the Column conduit business, which is Equitable Insurance. And Ken knows how to optimize pricing and profitability in those businesses. He will be a very worthy competitor to Bank of America."

DLJ was the fourth largest underwriter of commercial mortgage securities in 1999 and the fifth biggest in 1998, according to Thomson Financial Securities Data.

According to sources, Rivkin brought along with him Richard Lerner, a veteran commercial mortgage trader from the second generation of Daiwa Securities Inc. (the first generation being the Andy Stone era).

Both new hires will report to Robert Brennan, who heads the bank's commercial mortgage group.

Rivkin established a CMBS trading desk at NationsBank after joining the company in 1994. He traded commercial mortgages for Credit Suisse First Boston from 1987 to 1994. Prior to that he was a lender of commercial mortgages at Bank of America.

It is not yet clear whether Rivkin will remain in North Carolina or commute back and forth to New York in his new position at DLJ. However, sources say that DLJ usually has great tolerance for commuting employees. Former head of originations Mike Greco lived in Atlanta and commuted to New York for many years.

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