JPMorgan has reorganized its structured credit businesses in New York, bringing together sales and origination.
Sitting structurers with product knowledge alongside client relationship staffers could help the firm win over increasingly sophisticated investors, according to market observers. But a straw poll of the Street by DW suggested most other firms run separate origination and sales teams, with no plans to merge them. Bear Stearns has combined structuring, marketing and origination, but its sales force is separate to this group.
As first reported on DW's Web site Thursday, Richard Stephenson, managing director and former head of structured credit sales, and James Kane, managing director and former head of collateralized debt obligation origination, now co-head structured credit sales and marketing in North America. In addition, Kane has become global head of a new group called client coverage.
An internal memo was sent a few weeks ago touting the re-shuffle as a way to serve clients better--though it didn't say how and firm officials declined to comment.
Also in the reshuffle, Yale Baron, managing director, has become global head of origination and structuring for credit-related CDO business, and will work closely with Kane. Kathy Sutherland, managing director, has become global head of product management and syndicate, managing marketing and distribution of widely syndicated transactions. Their previous roles could not be determined.
All report to Brian Zeitlin, managing director and global head of structured credit in New York, who did not return a phone call. Kane also did not return a phone call and Stephenson referred calls to Brooke Harlow, spokeswoman, who declined comment on any of the personnel shifts, where people used to be and the thinking behind the re-org.
Zeitlin, Kane and Baron all joined JPMorgan from Deutsche Bank two years ago (DW, 8/27/04).
