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Oldrich Masek, JP Morgan

21 Jun 2005

Name: Oldrich Masek
Institution: JP Morgan
Date promoted: April 2005
Title: Global co-head of structured credit
Previous title: Co-head of origination and structuring for structured credit
Years in capital markets: 15
First job in the capital markets: ABS structurer at Dean Witter in New York
Favourite deal: Overture CDO, the $3bn deal JP Morgan led for Axa Investment Managers in 2003
Family: Married with two daughters
Lives in: Brook Green, west London
Hero: "My dad, Oldrich Masek. He was a classical immigrant, left Czechoslovakia in the early 1970s with nothing and brought my mother and me to the US"

For Oldrich Masek, structured credit is still on the way from being "a small private placement business" to a durable, mainstream business.

Getting it all the way there will involve making the world see that structured credit is the answer to its "increasing need for payouts on investments that are measurable" and predictable.

Masek, 37, has been involved in JP Morgan's market leading structured credit business since the late 1990s when it was pioneering credit derivatives and synthetic securitisation. He has essentially been running the origination and structuring side of the business in Europe since 2001.

In April, after several senior officials left, he was promoted to global co-head of structured credit, alongside Brian Zeitlin, who had joined from Deutsche Bank in New York in September. Reporting to Tony Best, European head of credit and rates sales and marketing, Masek now has complete oversight of the business, including distribution.

The 100 strong group comprises about 40 bankers on either side of the Atlantic and a smaller team in Asia.

There are four main parts to the business. CDOs and alternative investments (products linked to hedge funds) are the main product departments; the repackaging business is a machine for tailoring securities to investors' tastes.

But it is the fourth department — 15 people who advise investors on their asset and liability management — that embodies Masek's view of the business's direction.

"For structured products to become a more permanent fixture in the asset allocation strategies of banks, insurance companies, corporates, you have to tie it into their thinking about ALM," says Masek. "You have to show them how to compare products with one another and with their existing holdings. We are talking to CIOs and levels above about total return strategies across all asset classes — some structured, some not structured."

21 Jun 2005