Natasha Chen and Erik Kolchinsky will be re-joining Moody's Investors Service's CDO Group. Chen will be a vice president and senior analyst, responsible for new products and Kolchinsky will oversee the CDOEdge product offering, as vice president and senior credit officer. Both report to Gus Harris, derivatives group managing director. Chen will assume some duties left vacant by Jonathan Polansky, who now heads the ABCP group. Moody's Senior Vice President David Teicher will assume the monitoring part of Polansky's duties. Chen joins from Wachovia Securities, which she left shortly after the departure of Arturo Cifuentes, to whom she reported. Wachovia is currently looking for both a head of CDO research, as well as a senior analyst for the CDO research team, said a Wachovia spokesman. Brian Lancaster, managing director of structured products research, is overseeing the entire CDO research group.
Four sales professionals in JPMorgan Chase's CDO trustee group resigned last week. Kelly Faykus, head of CDO sales at JPMorgan's Houston offices, taking with him sales manager Joe Elston, product manager Rob Tomicic and operations team leader Mirna Herr. There was no word as of press time where the group would resurface.
Elizabeth Keys has been appointed Chief Financial Officer of financial guarantor XLCA. Keys joins XLCA from GMAC where she had been Controller of the GMAC commercial finance group, where she had worked since 1997. "We are delighted that Beth Keys has joined our team to guide our financial affairs in the complex environment in which we, as a global company, operate. Her diverse financial services industry experience in both corporate finance and public accounting will be invaluable to the company," said XLCA President and COO Edward Hubbard.
Ernst & Young has hired Todd Sauer as a senior manager and Washington D.C. team leader for the structured finance advisory services group, reporting to Steve Campo. Todd joins from Pricewaterhouse-Coopers, where he had been a
RBS Greenwich Capital has an immediate need for an analyst in its asset backed sales and trading strategy group, reporting to Managing Director Peter DiMartino. The primary purpose of the analyst will be to support the senior strategist on a broad range of activities. The ideal candidate should have two to five years experience in the ABS industry.
Banc of America Securities bulked up its growing European ABS and CMBS teams this week with four new additions due to start working with the team in July. Andrew Allan will join as managing director and head of EMEA ABS syndicate and trading and Greg Kosinski joins the bank as principal, EMEA ABS origination and principal finance. Both Allan and Kosinski were previously part of the UBS securitization team.
Thacher Proffitt & Wood announced that Salvatore Franco and Marlo Young were named as partners in its structured finance department, Stephen Cerniglia and Peter Mignone were named as partners in the real estate practice group and Stephanie Nygard was named partner in the corporate and financial institutions practice group. All will report to Paul Tvetenstrand, Thacher Proffitt's managing partner. With these admissions, Thacher Proffitt will have 64 partners.
Nigel Milner joined Banc of America Securities as managing director; European head of CMBS and Steve Skerrett joins as managing director, head of EMEA ABS origination. All four will report directly to Michael McLaughlin, EMEA and Asia head of global structured products. McLaughlin noted that the ABS and CMBS teams would link closely with the bank's real-estate lending and advisory capabilities and with its financial sponsor and leveraged finance group - thereby providing a fully integrated service for mortgage companies, real estate businesses, private-equity firms and hedge funds.
Fitch Ratings last week said that European structured finance upgrades outnumbered downgrades by three to one in 1Q05, continuing the trend the sector has witnessed since 2003. European RMBS, which experienced positive performance in 2004 with 84 tranches upgraded and just seven downgraded, started off the year with six downgrades and no upgrades in 1Q05. All six downgrades were on a single deal (Provide Gems 2002-1 Plc). Fitch said that these actions came in response to a rise in delinquencies, credit events, increased losses, low recoveries and challenging economic conditions in the former East Germany.
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