Managing Director Dan McGarvey will take over the non-mortgage origination at RBS Greenwich Capital, following the departure of his colleague David Duzyk to JPMorgan Securities the week before last. McGarvey joined RBS Greenwich last year, along with Duzyk, to spearhead the underwriters consumer ABS effort. Prior to RBS Greenwich, the pair had worked at Banc One Capital Markets for four years.
Moody's Investors Service Managing Director Milton Chacon was hired in the CMBS group at Deutsche Bank Securities, where he will be a director, reporting to Managing Director Emile Van den Bol. Chacon had been at Moody's for eight years and headed the CMBS group prior to co-heading the term ABS group.
Nomura Securities announced the creation of its International Capital Solutions Group. According to Nomura, the group will add an important new dimension to the Nomura's already significant capital markets and structured finance franchise and will provide sophisticated balance sheet and portfolio insight to its major clients. Paul Deards, managing director, will be the North American head of the enterprise solutions group and financial institutions capital markets. Alla Gil, also a managing director, will head the International Capital Solutions group and report to Deards.
Richard Taiano has left his position in Scotia Capital's asset-backed finance group to join a new group in Corporate Services Corp. that will service and administer conduits for third parties. The new entity, named Entity Services Group, will compete with administrators such as Global Securitization Services and Lord SPV (see related story p 12).
FGIC recently hired Donna Troia as a managing director in the risk management group, reporting to Senior Managing Director and Chief Portfolio Risk Officer David Howard. Troia had previously worked at Ambac, where she spent 15 years, most recently as first vice president in the portfolio risk management group. At Ambac, Troia managed the surveillance and built the system to track credit remediation and loss mitigation activities for Ambac's consumer ABS portfolio.
Deutsche Bank Securities Inc. announced it has named Richard Rizzo to join the firm's collateralized debt obligations group within the Global Capital Markets Division next month. Rizzo joins as a director in CDO trading, based in New York and reporting to Greg Lipman, global head of CDO and ABS correlation trading and head of North American ABS trading and syndicate.
JPMorgan Fleming Asset Management hired Graham Nicol to head international credit strategy and Liliana Slavova as ABS analyst. Nicol, formerly from Western Asset Managerment as a senior portfolio manager and part of the six member team managing $18 billion of credit assets in London, reports to fixed-income Managing Director Richard Oswald. Meanwhile, Slavova, reporting to Nicol and joining from Sumitomo Structured Products, has had seven years experience analyzing and investing in ABS and corporate credit. She will work closely with JPMorgan's New York-based ABS team headed by Mark Stancher.
New York-based Saber Partners has been hired to serve as a non-partisan advisor to the State of California on energy capital markets. Saber will provide financial, policy and regulatory advice to the Governor's Office, Resources Agency and the California Energy Commission. Saber will also provide assistance to help the state meet its energy objectives.
Origen Financial has been named "National Lender of the Year" by the Manufactured Housing Institute, the second consecutive year Origen has received the designation. "Origen Financial has been honored for its significant contributions and extraordinary dedication to the manufactured housing industry. We are very proud of the accomplishments of this award winner and superb industry role model. Its hard work, innovative thinking and determination to promote a positive image for this industry are well appreciated," said Manufactured Housing Institute President Chris Stinebert.
The First American Corp. announced that it has reached agreement to acquire LoanPerformance, supplier of advanced analytics and information for the U.S. mortgage finance and servicing market. LoanPerformance has a co-operative database consisting of more than 100 million loans. The move bolsters First American's move into the information analytics arena and helps to maximize the value of our vast property information database assets. Terms of the purchase were not disclosed.
The Pennsylvania Insurance Department issued a notice, dubbed Notice 2005-04, that all licensed life insurance agents can advise and assist policyowners with secondary market transactions without the requirement of a separate settlement broker examination. "This is an important step in the right direction," said Michael Freedman, senior vice president at Coventry First, the largest originator of life settlements. "The Department's actions will ensure that certified, trained professionals are participating in secondary market transactions, while freeing up regulatory resources for the enforcement of the important consumer protections found in the Pennsylvania settlement laws."
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