RBS Greenwich Capital has begun its non-mortgage ABS ramp-up with the hiring of former Banc One Capital Markets bankers, including credit card ABS specialist Dan McGarvey and auto ABS specialist Jeff Orr. Also starting Monday are Al Yoshimura, Kristen Rosenthal and Joe McElroy on the banking side and consumer ABS traders Don Chaney and Robert Pucel. This follows managing director David Duzyk, who began at RBS Greenwich earlier in the month. See related story on p. 9.
Brad Young recently joined MFR Securities, the broker-dealer subsidiary of Maria Fiorini Ramirez Inc., an independent economic research firm and broker-dealer. In his new role, Young will work to expand the institutional fixed-income business of the firm. As managing director of capital markets, Young will focus on ABS/MBS; money markets, agencies; CDOs; private placements; and high-grade and high yield corporate bonds. Young had worked in a similar capacity at boutique shop Maxim Group since January.
ABN AMRO recently hired secondary ABS trader Geoff Chang from Brown Brothers Harriman, where he will work alongside Jim Regan. "We are very committed to the secondary market and with this hire, it's something that we'd like to communicate to our clients," said ABN AMRO head of U.S. origination Bill Haley.
Standard & Poor's is looking to fill several New York-based positions in its CDO group, both on the quantitative and analytics front. Interested parties should contact Angela Allegretta.
Law firm Schulte Roth & Zabel recently hired Ronald Risdon as a partner in the firm's finance group, focusing on secured and unsecured credit facilities and asset-based lending. Within ABS, Risdon specializes in equipment lease securitizations. From 1995 through 2002, Risdon served as chairman of the Practicing Law Institute Seminar.
HBOs Treasury Services has announced that Wayne Beckwith will join the firm as a senior floating-rate note trader, effective Aug. 16. He will report to Richard Seaborn, who is responsible for the newly formed Credit Liquidity Portfolio. Beckwith joins from Arab Bank, where he worked as a senior dealer, managing an FRN trading book.
International law firm Brown Rudnick Berlack Israels last week hired Boris Ziser, a former partner at Baker & McKenzie. Ziser, now part of Brown's structured finance group, based in New York, has experience in public and private MBS and ABS, warehouse facilities, commercial paper conduits and related transactions. Ziser's practice areas include CMBS transactions and a variety of asset classes such as equipment leases, auto loans and franchise loans. He also covers esoteric asset classes such as time-share loans, life settlements and intellectual property. This follows the firm's recent additions of David Blea, previously at Morgan Lewis, and Ada Clapp, who jumped from Schulte Roth & Zabel.
Bear Stearns hired Laurie Zeller, former Fannie Mae director of portfolio management, as a managing director in its MBS group. In her new position, Zeller is a product specialist on the agency passthrough and CMO bond-trading desks. She reports to Head of Agency CMOs Joshua Weintraub and Co-Head of Fixed-Income Sales Jim Egan.
Law firm Vedder Price announced last week that Ronald Rapp was hired as counsel of its equipment finance practice in its Chicago office. Rapp joins from his position as associate general counsel at GE Capital Fleet Services. In his new position, Rapp will focus on corporate finance and securitization, including public and private placements of unsecured debt and asset-backed commercial paper conduits, equipment leasing and lease finance, and all aspects of corporate aviation.
UBS plans to offer the first-ever municipal bond-backed synthetic CDO, sources said. Alpine III, via UBS as lead manager, will be roughly $200 million in size. The transaction is backed entirely by mark to market municipal exposure UBS holds against a relevant muni bond reference entity at the time of a credit event, according to sources familiar with the deal. Offer sheets are due out this week.
The Federal Deposit Insurance Corp. has settled a civil complaint against Daniel Melgar, Sr. of San Francisco-based boutique firm Coast Partners for its association with the 1999 failure of First National Bank of Keystone, according to published reports. Melgar reportedly paid the FDIC $1.1 million. The FDIC did not return phone calls seeking commentary. Melgar could not be reached for comment. (For past coverage, see ASR, 10/25/99 )
Sallie Mae reported a spike in origination volumes via all of its lending channels, as well as an increase in fee income. Sallie Mae's preferred channel originations totaled $2.3 billion in 2Q04, a 24% increase versus the same quarter the previous year. Also, Sallie Mae's owned brands increased 32%. Fee income, driven by Sallie's debt management operations, jumped 21%.
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