South Africa's Standard Bank in London recently hired David McCaig as global head of securitization. McCaig had been at WestLB from July 1998 until the spring of this year. At WestLB, he headed up asset securitization and commodity finance and oversaw, among other things, a thriving business in financial future flows from banks in Turkey and Kazakhstan. Prior to WestLB, David spent seven years at Morgan Grenfell and Deutsche Bank in London, where he was responsible for the origination and structuring of cross-border receivables financings in the emerging markets. It will be interesting to see whether Standard's hire of McCaig marks an effort to build up business in emerging markets. The bank had, in the spring of 2006, made a short-lived attempt to beef up its Latin American operation out of New York, hiring Christian Corcino from Moody's Investors Service and Erick Hernandez from Deutsche. In May of 2007, Corcino left for Deutsche, and Hernandez was let go last December.

Duff & Phelps Corp. has hired John Schrader as a managing director in its financial engineering team at the firm's New York office. Schrader has over 19 years of experience in structured products, risk management, fixed income, capital markets and investment banking. Schrader was formerly at Morgan Stanley, where he was a managing director and head of global risk management in the securitized products group. During his time at Morgan Stanley, he helped ABS, CDO, MBS, CMBS and proprietary traders with purchasing and selling, structuring, hedging and risk management activities. Schrader also developed valuation processes and created analytical tools for pricing complex derivatives. Before his role at Morgan Stanley, Schrader was a senior managing director at Bear Stearns where he was in charge of market risk management for the mortgage group. Schrader has expertise in various collateral types, including prime, subprime, Alt-A, scratch and dent loans, commercial loans, Chapter 13 claims and tax liens.

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