David Montano will be moving to JPMorgan Securities' securitized products trading desk as strategic principal trader. His focus will include principal risk taking in securitized products. "It is with a combination of inevitable nostalgia and excitement for a new future that I report that this will be my last broadly distributed MRV [Mortgage Relative Value]," said Montano in a short statement contained in JPMorgan's recent MBS research. In his new role, Montano "will partner with the respective trading desks in SPG and maintain customer interaction in coordination with the sales-force," he said. Matt Jozoff, formerly from Goldman Sachs, has joined JPMorgan and will replace Montano as head of MBS strategy.

Bear Stearns has hired James Augustine Jr. and J. Scott Thomas as senior managing directors to expand its middle markets business. Augustine will head the new group in Memphis, Tenn. Thomas will lead sales and small business loan securitization for the group. The new hires join from Morgan Keegan and will both be based in Bear Stearns' new Memphis office. While Augustine was most recently head of institutional sales, Thomas was the product manager for the government guaranteed group. In their new roles, both hires will provide financial institutions with the entire range of fixed income financial products, advanced portfolio strategies and analytical expertise. They will also buy small business administration loans for securitization to distribute to banks, credit unions, insurance companies, money managers and municipalities with assets of less than $10 billion. Thomas would be reporting to Augustine who reports to Dan Hoffman, a senior managing director and the head of fixed income interest rate sales at Bear Stearns.

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