Goldman Sachs has set up a specialized structured credit trading desk in New York and has hired Will Roberts, former chief risk officer for equities at Credit Suisse First Boston, to head the initiative. Bruce Corwin, spokesman in New York, explained that the firm had previously organized its structured credit platform as part of its general credit derivatives business, but the business has grown to the point where increased specialization is required. Roberts did not return calls.
Goldman's desk will trade a range of products including single-tranche synthetic collateralized debt obligations, according to Corwin.
Roberts has a good reputation in the credit markets having headed Credit Suisse Financial Products' credit derivatives division and later CSFB's emerging markets credit derivatives business (DW, 3/8/99). He resigned from CSFB in November.
In addition to Roberts, Goldman has taken on Shlomi Raz as v.p. in structured credit marketing for the new division. Raz, who could not be reached, is joining from JPMorgan, where he worked in a similar role. He will report to Roberts who in turn reports to Ron Tanemura, global co-head of credit derivatives. Tanemura did not return calls.
Michael Dorfsman, spokesman at JPMorgan in New York, confirmed the departure but declined further comment. Andrew Palmer, managing director to whom Raz reported at JPMorgan, did not return calls.