Bear Stearns has set up a European structured finance research effort in London. The firm has made two outside hires, Andy Armstrong and Roshan Nunhuck, to staff the desk and provide research on the growing European asset-backed market, said Gyan Sinha, senior managing director and head of ABS research in New York. They report to Sinha. He said the firm is starting research now because of a general broadening of the market. The pair will cover the whole gamut of the European market, including securitizations backed by U.K. non-confirming and Spanish residential mortgages as well as the collateralized debt obligation market.
Armstrong, who started a few weeks ago, previously was an asset-backed portfolio manager at Abbey National. The bank has, over the course of the last year, been winding down its structured finance portfolio, including the well-known sale of its CDO portfolio, which was credited with spurring a secondary market in these deals, as part of a plan to focus more on retail banking. Armstrong focused on investments in esoteric, distressed and illiquid assets. Nunhuck, who started earlier this year, joined from a credit research firm in Australia.