Societe Generale recruited Jason Kwan as a director in its mortgage-backed securities area, where he reports to Arnaud Denis, managing director of that group. Kwan joined the French bank from Countrywide Securities.

Reggie de Villiers, an executive director at UBS Securities, left in May to join Merrill Lynch, where sources say he will work on one of the investment bank's Latin America joint ventures. He began at UBS in early 2002, one of a group of five bankers led by Shashid Quraishi who joined from Banc of America Securities. Market sources say de Villiers is slated to join Merrill Lynch in about two weeks.

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