UBS has hired Ketan Parekh, head of the funding program at sub-prime originator Ameriquest Mortgage, as an executive director. Parekh is focusing on sub-prime issuers, including his old employer and others such as New Century Financial. He co-heads the firm's sub-prime banking group with Paul Scialabba and reports to Shahid Quraishi, managing director and head of asset-backed securities.
In addition to Parekh's hire, Quraishi said UBS is aiming to having one point person cover issuer clients in an effort to win business in different yet related areas. This is increasingly important now as whole loan sales become a larger part of the sub-prime market, but also can pay dividends in areas unrelated to the structured finance market. For example, Quraishi noted UBS was involved in New Century's conversion to a real estate investment trust last year--a role it landed from servicing the lender in the ABS market. "Being a client, I liked having one point of contact and we think most clients like that," Parekh said.
Parekh joined Ameriquest, of Orange, Calif., in 2000 and built it from being a whole loan seller to an active seller of asset-backed bonds. Previously, he worked as a trader and structurer at Deutsche Bank. A spokeswoman at Ameriquest said his former duties have been assumed by Ken Mulford, who takes over on the transaction side and is based in New York, and Renee Deane, who assumes Parekh's former investor relations duties.
