Bank of America Merrill Lynch has hired Alan Todd to be part of its global research group as head of U.S. CMBS research.
Todd's hiring came after Roger Lehman was hired by Credit Suisse as managing director and head of CMBS research. Lehman was formerly co-head of structured finance research at BofA Merrill.
In his new role, Todd, who will be joining the bank in August, will be responsible for generating high-level, relative value and trade-specific research recommendations to external and internal clients in both cash and synthetics. He will also focus on offering macro-level overviews and in-depth analysis of the U.S. CMBS and commercial real estate markets.
The new hire, who will be based in New York, will report to Chris Flanagan, head of U.S. mortgages and structured finance research.
He was formerly from JPMorgan Securities, where he was head of U.S. CMBS research since 2005. Previously, he spent five years at Bear Stearns, where he was also in CMBS research.
“I look forward to Alan joining the firm,” Flanagan said. “With more than 11 years of experience and market-leading insights into the U.S. CMBS space, Alan has a proven track record of making timely market calls and invaluable investment recommendations. His addition to the team demonstrates our continued commitment to the CMBS business and above all, to providing our clients with best-in-class research.”