People

Sal Carvo will be joining XL Capital Assurance, starting May 13. Carvo moves over from MBIA's CDO group, and will report to fellow MBIA alum Pat Gonzalez, as a director in the firm's structured investment products group.

Brad Dansker, of JPMorgan's North American asset-backed finance group, was promoted last week to the position of managing director. He had formerly held the position of vice president. Dansker was the only reported promotion within the group. Dansker heads the bank's auto loan operations, where the bank holds the top spot in the market, with $13 billion of auto supply last year, according to Thomson Financial. Dansker will continue to report to North American co-heads Scott Davidson and Andrew Dym.

According to IFR Markets, SG has appointed Bertrand Fitoussi to head up its structured credit group. Fitoussi, who joins from Gen Re Securities, will oversee the European CDO team run by Wissem Bourbia, and the repackaging team run by Nicolas Dagognet. He will report to Olivier Khayat, head of European debt capital markets.

A highly regarded senior credit officer in Moody's Investors Service's CDO group, Jeffrey Tolk, has resigned to take a position at HSBC, and started there last week. Tolk is now a senior vice president and senior structurer in HSBC's structured credit products group, reporting to Rick Ziwot, head of SCP. At Moody's Tolk focused on synthetic CDOs.

Vicki Marmorstein, a partner at Latham & Watkins, has been appointed as chair in the law firm's finance and real estate department. Marmorstein succeeds David B. Rogers, who has led the department for the past six years. Rogers will continue his structured and project finance practice as a member of the Executive Committee of Latham & Watkins.

Lord Securities Corp. (Lord SPV) has hired Lee Chong, joining Lord's Australian office, reporting to Ian Sutherland. Chong has a background in accounting, having worked for PriceWaterhouseCoopers and Chase Manhattan Bank. Chong was most recently at Australian bank WestPac. Meanwhile, Willmington Trust recently announced it has acquired London-based SPV Management, an affiliate of Lord SPV.

Moody's Investors Service recently hired Olga Filipenko in its Asset Finance Group, reporting to Ed Bankole. Filipenko, from the finance department of New York University (expecting her PhD in September 2002), will initially be focusing on student loans and new assets.

Kevin Jackson recently started as a director in the Banc One mortgage strategy group, where he will focus on Agency MBS, Remic and CMO strategy. Previously he had spent two years as the head prepayment analyst for Wells Fargo Home Mortgage Capital Markets. Jackson will report to structured finance research strategy head W. Alex Roever. Jackson is a veteran of both Fannie Mae and Freddie Mac, where he served as a bond analyst prior to moving to Wells Fargo.

News

U.K. fund manager Friends Ivory & Sime PLC plans to buy Royal & Sun Alliance Insurance Group PLC's fund management arm. The move is largely expected to double the company's assets and place it in the leading ten U.K. active fund managers. It comes as welcome news for Royal & Sun, who along with this move plans to sever off additional areas of its non-core businesses in an attempt to alleviate its bottom line revenue damaged by asbestos claims and the terrorist attack claims in 2001. Nonetheless, the GBP240 million gain with this recent move falls below the anticipated GBP300 million and market participants said it now looks more likely that the company will opt to securitize its life insurance business.

Considering the growing GNMA multifamily market, Nomura Securities International, Inc. last week introduced the first installment of a new quarterly that would provide detailed information on the GNMA multifamily market.

The Securities & Exchange commission last week proposed increased and enhanced disclosures in a company's MD&A section of its annual reports, relating to "critical accounting policies." These could encompass, among other things, accounting for mortgage servicing rights and retained interest in securitizations.

The proportion of asset-backed commercial paper making up the entire CP market declined slightly in April, to approximately 52.4% from just over 53% in March, according to the Federal Reserve.

ABCP first crossed the 50% mark in November 2001, and has, generally, been steadily increasing ever since. In April, however, ABCP outstandings dropped approximately $8.4 billion, while overall CP increased nearly $3 billion.

CDOs

Blackrock is retaining $104.9 million in equity from its upcoming CMBS(79%)/ REIT(21%)-backed arb CF SF/MS CDO via Deutsche Bank. The deal has $432 million in debt tranches, according to IFR Markets.

Lehman Brothers is marketing equity on a $300 million-area arb cashflow structured finance CDO for MONY Life Insurance Company, according to IFR Markets. The deal is likely to debut this summer.

Calendar 2002

May 9: New York, NY Moody's Investors Service will host Moody's Auto ABS Briefing from 9:00am to 11:00 am at the Midtown Executive Club at 40 West 45th Street. For more information contact Vernessa Poole at vernessa.poole@moodys.com or 212-553-4796.

May 14-15: Royal Park, Tokyo Japanese Securitization will be hosted by the Information Management Network. For more information, visit www.imn.org.

May 15: New York, NY The Strategic Research Institute will host the 2002 Liquidity Alternatives in Private Equity at the New York Hilton. For more information visit www.srinstitute.com/cx333 or call 646-336-7030.

June 2-4: New York, NY Standard and Poor's will host the 2002 Insurance Seminar for insurance industry professionals and investors. In support of the revitalization of New York, the conference will be held at the Grand Hyatt New York. For more information call 212-438-2800.

June 2-5: Whistler, BC, Canada - Insight will host the Fifth Annual Asset Securitization Forum ABS 2002. For more information call 1-888-777-1707 or visit www.insightinfo.com.

June 10-11: Chicago, IL - The Strategic Research Institute will host the third annual Equipment/Auto Finance and Lease Securitization Conference. For more information call 646-336-7030 or 888-666-8514 or visit www.srinstitute.com/ca274.

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