Bear Stearns is looking for junior level, associate vice presidents for its securitization group, as well as two senior level people, "who like to run deals and have ran them in the past," said a source familiar with the company. Asset-backed head trader Frank Collins' departure last month has not heralded a major reshuffling in the ABS group, the source said.
Steven Park has joined Deutsche Bank's corporate trust and agency services business as a vice president where he will specialize in trust-related services for collateralized debt obligations. Park comes from Chase Manhattan's structured finance/asset-backed fiduciary group.
Toronto Dominion Bank is in the process of acquiring Canada Trust Company, which, according to a report from Fitch IBCA, is expected to get a more favorable reception from Canada's Minister of Finance, who denied previous requests for several of the country's largest banks to merge.
The Bank of New York has completed its acquisition of IBJ Whitehall Bank & Trust Company's corporate trust business. The deal - the 26th such transaction in the last five years - represents BONY's continuing efforts at gaining market share in the ABS trustee and servicing arenas. BONY gets IBJ's 850 bond and agency appointments and a commercial loan servicing capability.