Barclays Capital head of ABS trading Sue Aldworth recently resigned from her position and she is reportedly heading to work at a hedge fund named Ischus, sources said. Additionally ABS trader Raphael Gonzalez also resigned from Barclays and is said to be heading to BNP Paribas, according to sources at Barclays Capital.
David Dingman Chang resigned from his position as a whole loan trader at Deutsche Bank Securities last week to accept a similar position at SG Corporate & Investment Banking. It was unclear as off press time as to whom Chang would report to in his new position.
Banc of America Securities has moved Todd Leih to its trading desk, where he will trade ABS credit default swaps. Leih was replaced in the research group by Kenneth Brown, who will work closely with Kumar Iyer on the firm's daily and periodical research products.
RBS Greenwich Capital recently hired MBS pass-through trader Stefan D'Annibale from Banc of America Securities as a managing director on its MBS trading desk. In his new position he reports to managing director Mike Chapey. Prior to BofA, D'Annibale worked at Credit Suisse First Boston.
Dresdner Kleinwort Wasserstein hired Malcom Perry as head of its European credit product group, based in London, according to wire reports. In his new position, he will report to Steve Bellotti. Perry had spent the previous 12 years in JPMorgan Securities' credit portfolio group.
Merrill Lynch recently hired Paul Horvath as head of European structured credit product management. Horvath was formerly global co-head of structured credit product sales at JPMorgan Securities in London, where he had a six-year stint and before that, worked at the Federal Reserve. In his new position, Horvath reports to Head of European Credit Mike Pascucci and will be responsible for structuring and distributing structured credit products such as CDOs. The move follows the departure of credit-derivatives marketing head, Andrew Palmer, who left the firm after working there for nine years, according to wire reports.
Banc of America Securities recently hired Jerry Lee as managing director and senior trader of crossover credits in both cash and credit default swaps, reporting jointly to Frank Berritto, head of high yield trading and Michael Meyer, head of investment grade trading. Lee spent over 11 years at JPMorgan Securities as a credit trader, where he established the crossover trading desk in 2001.
US Airways has announced that it will ground an additional 11 planes in its mainline fleet in May. The planes in question are all older 737s. The fleet reduction comes on the heels of the airline's decision to return 25 planes to General Electric Co.'s leasing arm over the next three years. Since US Airways declared bankruptcy last year, ABS market observers have expressed concerns over the downsizing of the legacy carrier's fleet and the potential impact on lease rates.
The Bond Market Association announced the formation of a committee to advise Ginnie Mae on ways to become more competitive while improving the credit performance and investor interest in its MBS program. Rishi Chadda, vice president in MBS trading at Goldman Sachs, will head the committee of BMA members who trade in and research Ginnie Mae, a well as other MBS. Higher levels of disclosure, Chadda said, will make investors more comfortable investing in Ginnie's MBS program and, in turn, improve pricing and liquidity.
Synergistic Associates and Pentalpha Group announced an alliance to expand Pentalpha's existing bond surveillance and loan servicer review product lines, which includes residential and commercial real estate-backed loans. Synergistic founder Phil Comeau, former vice president in Freddie Mac's non-performing servicing group, brings 35 years of experience in real estate to the table to augment Pentalpha's 10 years of experience in the loan servicing business. In the past 45 days Pentalpha has either closed or committed to provide surveillance services on over $10 billion of securitizations.
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