Jack Frishberg and Nicholas Clemente, credit structurers at Deutsche Bank in New York, have left to join Rabobank and Bear Stearns, respectively. Frishberg, who was a senior structurer, is going Rabo as an executive director and Clemente is going to Bear Stearns as an associate director.
Frishberg said the opportunity to work with Warren Tong, head of structured credit in the U.S., and Sheldon Sussman, head of global financial markets for New York and global head of structuring and portfolio management, made the move attractive because he has longstanding relationships with both. Frishberg cultivated the relationships when he worked at Standard & Poor's as a director in structured finance.
Tong noted Frishberg's responsibilities will encompass both the management of structured vehicles, including CDOs, and structured credit trading. The hire follows the recent departure of Tracy Pridgen, who moved to Financial Guaranty Insurance Co. to initiate the insurer's CDO activity. Frishberg is not, however, directly taking over Pridgen's responsibilities, according to an official. Tim Dowling, managing director and head of North American structuring at Deutsche Bank and to whom Frishberg reported, did not return calls.
At Bear Stearns, Clemente will report to David Carlson, global head of credit derivative structuring and marketing in New York. He said Clemente, "brings to Bear Stearns strong product knowledge and structuring expertise."
Clemente and Frishberg are among several recent departures from the German giant's New York-based credit derivatives operation. Andrew Weber, a senior credit structurer, has also headed to RBS Greenwich Capital Markets (DW, 7/4) while John Lovisolo, a credit derivatives pro, is joining Barclays Capital (DW, 7/18).
