After a wild ride throughout the tremulous asset-backed job market, Norman Last has arrived at the New York office of Scotia Capital, joining as a director in the firm's asset-backed commercial paper group.

Last was most recently at Thomson Financial BankWatch, heading up the group's ABS effort, until late October when Thomson announced it would sell TFBW to Fitch. Prior to that, Last had been head of Duff & Phelps Credit Ratings Co.'s ABS effort since 1995, up until Fitch announced it would buy DCR last winter.

At Scotia Capital, Last joins Dorothy Poli, who heads up Scotia's asset-backed finance group, which she helped form three years ago. Last is best known for his experience in private and esoteric asset types.

Adding Last to the team, Scotia is beefing up its conduits buying power where Liberty Street Funding, the bank's $6 billion ABCP facility, will be looking to purchase a wider variety of longer term assets going forwards. Traditionally, trade receivables has been the primary focus of the Liberty Street Funding, although the conduit has bought into auto loan and lease-backed deals, as well as timeshare securitizations, Poli said.

"We want to continue to do our trade deals, but we want to expand our involvement in longer term asset classes, which includes esoterics," Poli said. "We're adding Norman's experience in new asset classes... and we're going to leverage off his skill set."

In addition to Last, Scotia has also reclaimed Michael Eden, who had been with the firm's corporate office in the early 1990s. Eden was most recently at Citibank, where he had been in the bank's asset-backed group for three years.

Separately, Scotia Capital is in the final stages of a $250 million arbitrage collateralized loan obligation that the firm expects to place this month. The deal is called Citadel Hill, and will be the first in a series of CLOs from Scotia Capital.

Scotia Capital is also in the planning stages of new ABCP conduits, Doli said.

"It's a little early to talk about it, but there are other types of securitization conduits that we are considering," she added.

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