Citigroup Global Markets has moved Managing Director Glen McDermott to its structured credit sales team, with the responsibility of selling both cash and synthetic credit derivatives, reporting to Saul Kattan. Ratul Roy will assume McDermott's responsibilities as head of U.S. CDO research strategy, reporting jointly to U.S. fixed income strategy co-heads Arvind Rajan and Michael Schumacher. As a result, Roy will relocate from Citigroup's London office to its New York office.
Moody's Investors Service has created a new group, the Structured Credit Product Development Team, to be headed by Team Managing Director Gary Witt. The new group will focus on adding transparency and analysis to new market segments, particularly the hedge fund arena. Witt will look to add an unspecified number of new hires in the coming months to fill out the team. Assuming Witt's former responsibilities is Yvonne Fu, who was promoted to team MD in the move. Fu joined Moody's in April 1997. Monitoring of collateralized fund obligations will continue to be the responsibility of Witt's group.