A restructuring at Wachovia Securities has led by the elimination of the asset securitization group, which has been headed by Scott Shannon. Instead the bank has created a new structured products group, encompassing asset-backed finance, CDOs and real estate financial services. Structured products will be run by former CDO group head, managing director Tom Wickwire. Wickwire will report to head of fixed-income Ben Williams, a longtime First Union Securities real estate finance veteran. Also as part of the reorganization, the asset-backed conduit group, headed by Ed Covington, was moved into the capital finance area of operations. Covington will now report to Wayne Robinson.