Vincent Fiorillo, an executive director on the mortgage origination desk at Morgan Stanley, is leaving the firm to take a position on the buyside with investment management firm TCW. Fiorillo has been with Morgan Stanley for more than 15 years, and has been an executive director since 2003. Prior to joining Morgan Stanley, Fiorillo did stints at both Merrill Lynch and Thomson McKinnon Securities.

Jack Macdowell Jr. has resigned from his position as vice president in the asset securitization group at RBC Dain Rauscher to join Greenwich, Conn.-based hedge fund, Carrington Capital Management LLC. Macdowell had been with RBC Dain since 2001, having survived the defections of numerous group members to Harris Nesbitt last year. Macdowell's duties will be divided between the remaining 14-plus securitization banking team at RBC Dain. Carrington Capital Management was started by industry veteran Bruce Rose to focus on the non-agency sector of the mortgage credit markets. To date, Carrington has issued in excess of $600 million in asset-backed securities supported by subprime mortgage loans purchased in the whole loan market. At Carrington, Macdowell will focus on risk management and other analytical functions related to the fund.

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