ABN AMRO is set to launch a principal finance trading business in London and has lined up Scott Eaton, managing director and head of principal finance at The Royal Bank of Scotland in London, to spearhead the initiative. Eaton will start August 29 as a managing director and report to Charles Longden, global head of credit trading in London. Eaton could not be reached for comment and Longden didn't return messages by press time.
Eaton has a mandate to build the principal finance and illiquid asset desk. The business will source internal assets for repackaging as well as look to build portfolios of asset-backed securities and single-name credits for distribution.
ABN has dipped its toes into repackaging in the past but this is the first time it has shown genuine commitment. Eton is regarded as one of best in the market. "They have a good risk profile and strong management," said one structurer, adding "they can do really funky stuff."
Prior to joining RBS in 2004 to revamp the firm's fledging repackaging business, Eaton was co-head of Winchester Capital Principal Finance in New York, which is the principal finance arm of Deutsche Bank.
