Scotia Capital has hired Miranda Zhao, v.p. in the structured products group at Deutsche Bank in New York, as a structured credit marketer in London in a new position to increase its profile among investors. "There are more and more investors [in collateralized debt obligations], but it is a challenge to meet their requirements as they have become more demanding," said Frank Ackermann, head of investor marketing in the credit derivatives and credit investments group in London. "At the same time, we are seeing spread tightening, which makes it harder to generate the pay outs to compensate for the risk."
Ackermann said Zhao was chosen because of a combination of her existing client relationships and structuring skills.
Scotia structured its first exchange-listed CDO in the autumn and has put out four additional private transactions since the group was established in October 2001.
At Deutsche Bank, Zhao ultimately reported to Alejandro Brockmann, head of emerging market integrated credit trading in Singapore, according to a Deutsche Bank spokeswoman in New York. Zhao declined comment.
