Until now, in Europe JP Morgan has invested only in synthetic credit structures. Its U.S. arm, however, launched a managed high-yield and emerging-market structure two years ago and plans a cash asset-backed securities desk which will focus on cash CDOs.
Powell is currently the sole staffer on the new desk in London, but Oswald said he will look to hire additional staff once the business is underway. Powell, in an email to DW, noted he started at the company last week and reports to Tim Meumann, head of structured product portfolios in New York.
Powell left Henderson in November (DW, 11/11) after four years growing its CDO business. He oversaw the launch of a combined equity and credit structuring team (DW, 6/20/04) and most recently focused on marketing.