Securitization People and Markets

Merrill Lynch has hired Alan Galishoff from J.P. Morgan Securities to head up a nascent mortgage-backed securities proprietary trading effort, a move first reported last Tuesday on www.bondweek.com. Galishoff could not be reached for comment last Tuesday morning, with a co-worker saying he had already left the firm. He had been head of J.P. Morgan's collateralized mortgage obligation and MBS derivative effort since early 2000. He will report to Merrill's global rates group co-head Barry Wittlin. Wittlin did not return a phone call seeking comment, nor did he reply to an e-mail message. It could not be determined if Galishoff will be the sole MBS arbitrage trader there or if he will be part of a larger group.

Greg Coules has joined J.P. Morgan Securities in a newly created position as a v.p. and distressed loan analyst, according to sell-side officials with knowledge of the hire. Coules was one of a number of high-yield professionals released from Morgan Stanley in November. He had spent three years at Morgan Stanley covering the broadcasting sector. Coules declined comment when reached at J.P. Morgan. He will report to Eric Rosen, managing director and head of the loan-trading group. Rosen also declined comment.

Wamu Capital Corp., the Seattle based mortgage- and asset-backed securities broker/dealer subsidiary of lending giant Washington Mutual, has opened a New York sales desk and has made its first three hires, according to firm President Tim Maimone. Maddee Kassimir, Tom Berger and Shari Korn have joined the firm from M.J. Whitman and will begin selling MBS and ABS "as soon as we can square away our office situation," says Maimone, noting that they will work out of temporary quarters for the time being. They will report to Seattle based sales chief Todd Kaufman.

Greg Coules has joined J. P. Morgan Securities in a newly created position as a v.p. and distressed loan analyst, according to sell-side officials with knowledge of the hire. Coules was one of a number of high-yield professionals released from Morgan Stanley in November (BW, 11/19). He had spent three years at Morgan Stanley covering the broadcasting sector. Coules declined comment when reached at J. P. Morgan. He will report to Eric Rosen, managing director and head of the loan trading group. Rosen declined comment.

Art Penn, the ex-global co-head of leveraged finance at UBS Warburg, has resurfaced at French bank CDC IXIS North America and is said to be looking to set up a middle-market leveraged finance shop. Penn did not return repeated calls regarding his plans, but several market players said a leveraged finance outfit is in the works. A spokesman for CDC said Penn is working within the ABS group alongside Joe Piscina, former head of asset-backed finance at PaineWebber. He noted that nothing has been approved and as a state-controlled entity, CDC is very risk averse. "CDC is taking its time to expand its ABS business," he said.

Annie Pankoski is the latest addition to ABN AMRO's loan team as the bank bulks up on personnel in an effort to increase its presence in the loan market. Pankoski recently left Goldman Sachs, where she was a v.p. in loan syndications and trading, said an ABN spokesman. She began working at ABN as a v.p. of loan sales last Monday. Pankoski will be working with Susan Greenwood and Alexander Byers, who joined the bank's distribution team last August. She will report to John Finan, managing director of U.S. loan syndication global financial markets at ABN. An official from Goldman declined to comment and a spokeswoman did not return calls by press time.

Bank of Ireland is seeking to fill a spot for a leveraged finance associate and is gearing up to expand its leveraged finance group in the U.S. The position the bank is looking to fill is a replacement for a departing staffer, an official familiar with the bank said. But Bank of Ireland plans to progressively increase its U.S. staff within the next 12-18 months. He added that the bank is currently interested in large cap leveraged deals to build up its loan portfolio. A Bank of Ireland official based in Greenwich, Conn., declined to comment.

Citigroup/Schroder Salomon Smith Barney has tapped Stephanie Ziar for its London-based securitization research effort. Ziar is an internal transfer from the securitization origination desk, says Richard Pagan, co-head of European credit research in London. Ziar reports to Pagan. The securitization research position had been vacant since last August, when Shaker Sundaram left to join UBS Warburg as an asset-backed salesman (BW, 8/25).

Royal Bank of Scotland is seeking to hire up to five new bankers for its London-based securitization business and is aiming this year to originate more deals in Europe. The new hires will be made to fill out the 45-strong securitization team, says Philip Basil, head of securitization. Last year, RBS was third on the sterling securitization league tables and this year Basil plans to boost the firm's presence on the Continent.