In one of the more significant Asian moves in recent times, UBS's longstanding head of Asian securitization Anthony Cutcliffe has switched to a new position with the bank's principal finance group. UBS has not yet appointed his successor. According to rival bankers, Cutcliffe - who held the role of UBS's Asian ABS chief since 1997, making him the longest-serving head in the region - will now be responsible for buying structured deals in ex-Japan Asia. He reports to Adrian Pizer, UBS's head of Asian principal finance, which, along with the global group, will be spun-off into a new company, Dillion Read Capital Management, next month. Although Cutcliffe's new role means he stays involved in the Asian ABS scene, his days of structuring are over for the time being. Even his fiercest competitors would concede that, under his charge, UBS arranged some of the most challenging transactions completed in Asia over the past decade. These include the first cross-border deal from Korea, Korea Export-Import Bank's $265 million ABS in 1998, Asia's first US-dollar nonperforming loan deal by Korea Asset Management Co. in 1999 and Taiwan's first international securitization by Cosmos Bank in 2003.
Mark Nicolades has left the firm Mayer, Brown, Rowe & Maw where he worked for 20 years. Nicolades also provided outside counsel to the European Securitization Forum and has been closely working on the implementation of Basel II. A spokesman at the firm could not provide further details on Nicolaides' departure.