Barclays Doubles CDO Group With Seven CSFB Hires

Barclays Capital in New York has doubled the size of its collateralized debt obligation team with the hire of seven staffers from Credit Suisse First Boston.

  • 22 Jul 2005
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Barclays Capital in New York has doubled the size of its collateralized debt obligation team with the hire of seven staffers from Credit Suisse First Boston. As first reported on DW's Web site, www.derivativesweek.com, the new team is lead by Kristofer Kraus, co-head of CSFB's CDO group, brought on board as managing director and head of North American CDOs, reporting to Vince Balducci, head of global credit derivatives.

Edward Dale, who joined BarCap as an associate director, told DW the group plans to structure 12-15 deals a year off its diversified CDO platform and will initially focus on structures referencing asset-backed securities and trust-preferred securities. A market official said Barclays has had a weak presence in the U.S. as a credit shop and is bulking up by recruiting teams from rival firms. "[Its] model is buying the business," he said, noting Barclays hired a team of eight credit derivative professionals from Citigroup in New York late last year (DW, 11/24). Dale said the team jumped to Barclays because it has a good distribution platform, it is willing to put its balance sheet behind each transaction and it combines its cash and synthetic businesses.

Alongside Dale and Kraus, Stephen King has been hired as a director and head of North American cash and synthetic ABS CDOs. He will report to Kraus. Barclays has also added Jasen Yang as associate director, Ryan Babcock and Rohit Chaku as associates, and Hogan Chen as an analyst in the CDO group. Spokeswoman Karina Byrne, who confirmed the hires, said with the addition of these seven, Barclays has a 14-person CDO team with expertise in both cash and synthetic products.

  • 22 Jul 2005

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3 Bank of America Merrill Lynch 221,389.46 762 7.78%
4 Goldman Sachs 171,499.26 554 6.03%
5 Barclays 169,046.60 646 5.94%

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1 HSBC 25,385.87 103 7.10%
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4 BNP Paribas 18,766.65 109 5.25%
5 Credit Agricole CIB 18,157.63 105 5.08%

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1 JPMorgan 12,578.87 55 8.17%
2 Citi 11,338.07 71 7.36%
3 UBS 10,682.06 44 6.93%
4 Goldman Sachs 10,419.53 53 6.76%
5 Morgan Stanley 10,194.88 57 6.62%