Former head of U.S. asset securitization at Barclays Capital Michael Wade will join Credit Suisse this summer as a managing director and co-head of asset finance in the global markets solutions group, according to an internal memo.
Aside from Wade, Craig Leonard is also going to come over to Credit Suisse to head the firm's ABS syndicate desk.
In his new role, Wade will be partnering with asset finance co-head Tricia Hazelwood. Under Hazelwood's leadership, Credit Suisse's asset finance team, "has maintained a strong position in the high volume consumer receivables asset classes and a dominant position in lucrative areas such as transportation and esoterics."
Together Hazelwood and Wade will "form a powerful team," the internal memo said. It cited Wade's experience in conduit financing and residential mortgage origination as well as advisory. Meanwhile, it also mentioned Hazelwood’s deep experience in the term ABS arena.
The memo described asset finance and structured products sales and trading as core strengths for the investment bank, adding that the hiring of Wade to the team will help the firm to continue to expand its business in this sector.
Wade is joining Credit Suisse after spending the past 15 years at Barclays. He was most recently head of U.S. asset securitization.
Wade was described by the memo as instrumental in the development of the Term ABS Loan Facility program and is credited as the leading advisor to the Federal Deposit Insurance Corp. (FDIC) in 2009 and 2010. Wade advised on numerous sales of distressed assets and the development of the FDIC's first securities issuance since the RTC.
Wade, who joined Barclays in 1994, garnered the “rising star” moniker when he landed
the managing director title in 2002, according to ASR sister publication Investment Dealers Digest's (IDD) Forty Under 40. This was mostly a result of Wade's involvement in Barclays' ABS activities.
IDD also credited Wade with playing a "pivotal role" in Barclays’ decision to shell out $469
million in June to purchase HomeEq Servicing, which is a mortgage servicing business, from Wachovia.
The third-party servicer managed a portfolio of $43 billion in mortgages, which meant, IDD said, that the acquisition was no small accomplishment for Wade and his team. This gave Barclays the opporutnity to provide term ABS, whole loans, warehouse lending and servicing to clients, IDD said.