According to market rumblings, the next head of ABS at Wachovia Securities has yet to be named, but will likely be either Scott Shannon (from the First Union camp) or Wachovia's Ed Covington.
A spokeswoman for the newly merged bank declined to comment on personnel issues.
Long-time First Union veteran Joseph Parish officially leaves his post at the end of the year, sources said. Parish reported to former head of structured finance at First Union, Brian Simpson, who left the bank shortly after the merger in September.
Ben Williams was appointed the new head of structured finance following Simpson's departure.
According to several sources, including current and ex-First Union staffers, the bank has been trying to shake off all ties to The Money Store debacle, a 1999 acquisition that cost the bank several hundred million of dollars, and other headline events, such as a messy merger with CoreStates in 1998. Among other sacrifices and write-downs, First Union shed its own name, opting to build upon the untarnished Wachovia brand.
In asset-backeds, First Union/Wachovia is known for its strength in esoteric asset classes, particularly equipment and intermodal, as well as small and medium business loans. This year, First Union/Wachovia has had a notable showing in home equities and autos. On the CDO side, the bank has placed $3 billion in proceeds so far this year.
Shannon, who is head of several teams in the First Union ABS group, including equipment securitization, currently reports to Parish.
Covington is a veteran ABS banker, with roots at First Chicago Capital Markets, before being named head of securitization at Wachovia in 1997. Covington was in charge of Wachovia's Blue Ridge Asset Funding, a conduit established in 1998, which led to Wachovia's first term deals the following year. - MG/KD
