In a restructuring within the bank, Banc of America Securities named managing director Pat Augustine head of a new product group overseeing ABS, MBS, investment-grade debt and non-leveraged loan operations. The group is called "Debt Operating Committee," of which all of its members report to committee chair Ed Brown. The 11-member committee oversees all aspects of fixed-income operations, according to a memo. Augustine formerly ran the sales, trading and research operations within BofA. The role of managing director George Ellison remains unchanged, although he now reports jointly to Augustine and Bill Hodges, who will now head debt capital markets and leasing operations.
ABN Amro continues with its internal restructuring effort that aims to bring together its origination and trading teams to offer and enhance its execution platform for clients. The latest change brings aboard Selwyn Rayzor, who was named European head of asset securitization. Rayzor was previously acting as global head of ABS trading at the bank. She will remain at the bank's London office.