Ken Wormser and his team of up to 30 ABS pros have resigned from CIBC World Markets to accept similar positions at CDC IXIS. Wormser will be a managing director at CDC, running the global securitization team, reporting to Adil Nathani, managing director of the combined asset-management and capital-markets group. Wormser, a long-time ABS veteran with expertise in CDOs and derivatives, had been at CIBC for five years. Prior to CIBC he worked at Citibank N.A.
Sam Rausa has joined FORE Capital Partners as a director, working with co-founder Harry Forsythe on the development of a non-consolidation solution for banks interested in restructuring commercial paper conduits through third party asset-managers. FORE is one of a small handful of players touting this angle, and potentially cracking into a lucrative niche. Companies such as FORE will technically assume control of a restructured conduit that combines features of existing conduits, such as program-wide credit enhancement, and features of CDOs, such as a diversified pool of assets. This company would theoretically be the decision maker and would consolidate the structures assets onto its balance sheet.