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Derivatives

Merrill Lets Watzinger Go

Hermann Watzinger, managing director and head of debt markets securitization and portfolio credit derivatives at Merrill Lynch in London, has been let go, according to an insider. This move comes just two weeks after a reorganization orchestrated by Harry Lengsfield, head of debt markets for Europe, Middle East and Africa, in which Glenn Barnes, head of European structured credit, was pushed out (DW, 7/8). Watzinger reported to Dale Lattanzio, managing director and European head of global principal investing and structured finance. Lattanzio declined to comment. Watzinger could not be reached.

Justin Fox, who used to cover residential mortgage-backed securitizations, has assumed Watzinger's securitization responsibilities and Vincent Dahinden, a managing director previously responsible for corporate risk management, has taken over Watzinger's CDO responsibilities. Fox and Dahinden did not return calls.

Dahinden will also take over Henry Schmeltzer's role covering heavily structured corporate debt repackagings, whole business securitizations and corporate asset-backed deals. Schmeltzer's role was also eliminated in the latest restructuring. Both Dahinden and Fox will report to Lattanzio. Schmeltzer could not be reached.

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