Alex Braun, director of funding and asset management on the fixed-income side, and Paul Caldwell, a senior asset-backed and high-yield bond portfolio manager, have left Abbey National Treasury Services. The departures are the result of a restructuring in the wholesale bank, according to a spokeswoman. Braun's responsibilities have been divided, with funding now being part of the Treasury division and asset management coming under a newly established division--asset management and risk transfer. It could not be determined whether Caldwell will be replaced. Braun and Caldwell could not be reached for comment.
Asset management and risk transfer is being headed up by Richard Williams, who will keep his duties as head of credit derivatives. The newly created role is part of Abbey's move away from a buy-and-hold fixed-income investment strategy to a repackaging house, said the spokeswoman. Williams reports to Mark Pain, ceo of Abbey National Treasury Services.
