J.P. Morgan Securities has eliminated its European corporate securitization business, putting in question Tamara Adler's role at the firm. Adler had been co-head of European securitization responsible for corporate securitizations and has a high-profile in European securitization circles. A J.P. Morgan spokesman said Adler and her team will be deployed throughout the firm's European securitization group. Repeated calls to Adler seeking comment were not returned.
The spokesman could not say how many bankers and analysts comprised the corporate team. He says the team is being moved to the financial institutions securitization group and the commercial mortgage-backed securitization group, because this is where the firm is garnering the majority of its asset-backed business. Ironically, the corporate securitization group's last deal was Dignity Finance, a £210 million securitization of funeral homes and crematoria.
Adler joined J.P. Morgan from Deutsche Bank in London two years ago where she had been head of European securitization. Until recently, she had been co-head of J.P. Morgan's securitization business with Jonathan Laredo, who was laid off earlier in the year (BW, 1/26).
J.P. Morgan's European financial institutions securitization group is headed by Colin Evans and David Marks. That team covers deals such as residential mortgage-backed deals and consumer asset securitizations. The European CMBS group is headed by Leonard van Drunen.
