UBS Securities has hired Keith Grimaldi from CDC IXIS Capital Markets North America as a second member of its team that trades collateralized debt obligations from its Stamford, Conn. office. He started recently and will work with fellow CDO trader Josh Wheelock as a generalist in trading CDOs backed by corporate debt. The position is a new one, and was added as secondary activity in the CDO market picks up. Grimaldi referred questions to Jeff Herlyn and Mike Rosenberg, co-heads of the corporate CDO banking and trading group. Rosenberg was traveling and Herlyn did not return a call.
Grimaldi had only a brief stint at CDC, where he worked as a CDO salesman. He joined the French bank earlier this year, as part of the mass exodus from CIBC World Markets under Ken Wormser, head of asset securitization. One recruiter speculated that Grimaldi, as well as some of the 30 or so other people whom Wormser took with him to CDC, may have joined the French bank as a stop-gap and they also could now be looking for work elsewhere. Wormser, who is now in a similar role at CDC, did not return a call.