UBS Warburg has hired Jeff Herlyn, managing director in managed CDO structures, and Michael Rosenberg, v.p. in managed CDO structures at JPMorgan in New York, to co-head its global CDO business. Sal Naro, managing director and co-head of global credit derivatives in Stamford, Conn., to whom the new recruits report, said the firm made the hires to expand its credit trading and structuring platforms. Neither Herlyn nor Rosenberg could be reached for comment.
The new hires come on the back of a recent reorganization, which saw UBS merge its CDO business with credit trading (DW, 1/26). The firm previously organized its CDO division under the same umbrella as its asset-backed and mortgage activities, Naro explained. Gina Hubbell, managing director who had headed UBS' CDO division, moved to the firm's Strategic Solutions Group as part of the changes, which also saw the CDO activity fall under the responsibility of Naro. Hubbell did not return calls.
Increased convergence between credit trading and structuring is creating more cross selling opportunities, which in turn has encouraged UBS to bolster its credit businesses, stated Naro.
UBS will hire more senior CDO staffers and credit derivatives traders for Stamford and London, according to Naro.
