Michael Koenitzer and Alberto Zonca, who were both longtime directors in Credit Suisse's ABCP conduit group, left the bank about three weeks ago. Market insiders say the two were laid off after the investment bank apparently decided to eliminate redundancies in the section of the ABCP group that handled deals from the consumer asset classes. "A lot of conduit shops - not that they are downsizing - are keeping fairly lean ships," said one market source. "You don't need 50 people to run your business [on the conduit end]." Koenitzer had a 16-year history with Credit Suisse, beginning when he was recruited in Zurich. Since then, he worked for the bank in Geneva, London and New York City. He spent 12 years with the asset finance group in New York and London, where he originated liquidity facilities for student loan auction rate bonds. From 2001 to 2004, he worked in London, setting up Credit Suisse's conduit origination capabilities in Europe. During that time, he closed the first credit card deal originated from Eastern Europe. He worked in New York since 2004. At one point, New York-based Koenitzer was in charge of originating, structuring and executing ABCP transactions through its multi-seller conduit. Zonca was with the bank for at least 10 years. Credit Suisse declined to comment.
Deutsche Bank has boosted its Asia-Pacific commercial real estate (CRE) group with two new hires to its Hong Kong office. Christopher Dunn moves from the bank's New York office to fulfill the role of managing director and co-head of CRE ex-Japan Asia. He will lead the team jointly with Greg Wells, head of CRE China, who joined from Paul Hastings last December. Dunn and Wells will look to drive CRE securitization and principal finance business across the region. They will be joined by Paul Richardson, formerly a director of Deutsche's CRE group in Japan. Richardson will focus on originating CMBS deals.