Brian Brennan, who headed Merrill Lynch's home loan trading business, has left the company. The investment bank did not confirm the departure, but reliable market sources said Brennan left his position to join a hedge fund based in Greenwich, Conn. The name of that hedge fund was not known at press time.

Lloyds TSB announced its new securitized products group that will report to Kate Grant, director of the bank's debt capital markets. In October last year, Lloyds announced that it would be undertaking a review of its securitization and structured credit business, following the departure of Mark Escott, the bank's head of securitization. "The new internal structure will allow us to better organize ourselves to fit the changing external market," a spokesperson at the bank said. "We continue to build on our established origination, management and distribution strategy to support our clients' securitization needs as well as our own balance sheet management strategy."

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