Merrill Lynch has tapped Doug Mallach as head of U.S. fixed income, currencies and commodities asset management. His primary responsibilities will include the structuring and sale of troubled assets, such as CDOs, that were hit hard in the credit crisis. Previously, Mallach was head of U.S. fixed-income sales.
Merrill Lynch appointed James Quigley as president of Merrill Lynch for Latin America and Canada. The new appointee will report to Gregory Fleming, president and chief operating officer of Merrill Lynch. In this newly created position, Quigley will be overseeing the firm's business and operating strategies in Latin America and Canada. He will manage Merrill Lynch's Latin American and Canadian businesses on a fully integrated basis across wealth management, sales and trading, origination and principal investments.
Morgan Stanley hired Ben Babcock, who was formerly head of Merrill Lynch's restructuring group. He will head up Morgan Stanley's restructuring business. Babcock's appointment is expected to be the first in a series as the bank builds up its unit in Europe.
Freshfields Bruckhaus De-ringer appointed Alan Newton as the firm's new joint practice group leader within its global finance practice. Newton succeeds Perry Noble, who retired from the partnership to pursue other interests. Frankfurt-based partner Dirk Schmalenbach will continue to co-head the practice until his term expires in August 2009. Jointly with Schmalenbach, Newton will lead the firm's finance teams by focusing on the delivery of the practice's business plan to continue building a debt offering focused around its banking, restructuring and structured finance practices.
George Passaris has been named managing director and product manager for Pramerica Fixed Income Manage-ment's alternative investments business in Europe. Formerly the director of global origination for private debt financing at ABN Amro Bank and senior banker in the CDO group at Bear Stearns, Passaris, who is now based in London, will be responsible for overseeing European alternatives product management. This position will entail originating, managing and marketing new structured products on behalf of institutional clients through working with the firm's investor base and investment banks. Passaris's wealth of experience in economics and finance is expected to greatly benefit the business as it seeks "innovative ways to meet the growing needs that European institutions have for alternatives, strategies and solutions," said Peter Cordrey, managing director and head of Pramerica's alternative product business. "George brings a tremendous amount of industry experience and global knowledge to our team," an asset that will help to propel the business in its new European prospects.
Citadel Investment Group tapped Bill King as a senior managing director and head of securitized products. King was previously global co-head of securitized products at JPMorgan, which he joined in 2000. He has also served as head of pass-through trading, head of mortgage trading and co-head of U.S. securitized products. Prior to JPMorgan, King was a mortgage trader at Donaldson Lufkin & Jenrette and Merrill Lynch.
David Sambol, Countrywide Financial Corp.'s chief operating officer, announced his retirement last week. According to published reports, Sambol was identified as the expected head
of mortgage operations between Countrywide and Bank of America and was offered $28 million last March as compensation for taking over the bank's mortgage operations. Instead, Bank of America has constructed a new management structure where three of BofA's seasoned executives will be running the key consumer businesses: deposits, card and consumer real estate. Barbara Desoer, who will be based in Calabasas, California, will become president of consumer real estate operations of the combined firms. She was previously chief technology and operations officer. Liam McGee will still be president of consumer and small business bank and will be based in Charlotte, North Carolina. Bruce Hammonds, based in Wilmington, Delaware, will become president of credit card and unsecured lending for both the U.S. and Europe. All three will report to CEO Kenneth Lewis.
Security Capital Assurance appointed Elizabeth Keys as senior vice president and chief financial officer effective June 1. Keys will succeed David Shea, who will depart from the insurance firm to pursue other options. Shea will serve as an advisor to the firm until June 15 to assist in the transition of responsibilities. In her new role, Keys will be responsible for managing the finance function, overseeing and directing financial accounting, short-term business planning, budgeting and long-range forecasting, and directing the treasury and investments operation. She will report directly to Paul Giordano, SCA's president and chief executive officer and serve on the firm's executive management committee. Since August 2006, Keys has been SCA's managing director and head of financial planning and analysis. In this role, she established and led the financial planning and analysis function of SCA and its subsidiaries. Before her most recent role, she was the chief financial officer of XL Capital Assurance (XLCA), a subsidiary of SCA. In that position, she was responsible for all aspects of XLCA's financial activities, including financial accounting and reporting and strategic and business planning, according to an SCA release.
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