Deutsche Bank has signed up Malik Chaabouni, co-head of synthetic structuring at Merrill Lynch in London, as a managing director in the structured credit trading group. The hire is the first in what reportedly will be a string of senior appointments under Bertrand des Pallieres, co-head of structured credit trading and Chaabouni's former boss at JPMorgan. An official close to des Pallieres said he has a mandate to bring on board up to eight managing directors and directors. Des Pallieres himself joined the German shop in the summer. The motivation for the expansion and duration of Chaabouni's gardening leave could not be determined.
Chaabouni has been hired to boost the structured credit illiquid assets business and will report to des Pallieres, said an official familiar with the situation. One credit professional noted increasing focus on this area by a number of firms, including JPMorgan and Barclays Capital.
As first reported on DW's Web site Wednesday, Chaabouni's defection from Merrill comes less than a year after he joined to spearhead its synthetic CDO push (DW, 2/18). Chaabouni declined comment when reached on his cell. Power struggles at Merrill reportedly led to the move. "There were too many honchos," said an official close to him, noting he had been promised a bigger mandate than he got.
Des Pallieres did not return messages by press time and Jo Pope, spokeswoman in London, declined comment. Patrick Meyer, spokesman for Merrill in London, did not return messages by press time.
