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Wachovia Securities has hired Peter Gray, a structured products salesman at Bear Stearns in London, as a director in a similar role.

Italy could face an unexpected increase in its national debt, as the EU statistics watchdog has changed its accounting treatment for securitisations by companies that supply healthcare products to the country's local health authorities.

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Amaury des Deserts, who covered structured equity and fund-linked sales to Germany and Austria, has left SG Corporate & Investment Banking in Frankfurt. Des Deserts was on gardening leave and could not be reached for comment. Officials at SG said he has not yet been replaced.

Wachovia Securities has hired Peter Gray, a structured products salesman at Bear Stearns in London, as a director in a similar role. He focuses on credit and rates sales to Switzerland, reporting to Dalit Nuttall, head of European fixed-income sales. Jamie Grady, Wachovia spokeswoman, said he is an addition to the group, declining comment on reasons for the expansion.

JPMorgan has hired an equity derivatives volatility trader for a new v.p. role in its chief investment office group.

Fixed-income derivative shops in Hong Kong are anticipating the launch of a 15-year government benchmark bond in the coming months, which is expected to boost trading in longer-dated interest rate swaps.

UBS has hired Jorge Ramirez, executive director in structured product development, from Goldman Sachs. Ramirez reports to Eric Glicksman, managing director and head of structured product development, to whom he previously reported at Wachovia Securities and at Lehman Brothers before that (DW, 5/2/04). Ramirez did not immediately return calls to his phone at UBS. Glicksman joined UBS earlier this year after a brief stint at Citigroup (DW, 3/31).

Goldman Sachs has hired a dispersion sales head from BNP Paribas in New York.

Anthony Clemente has started a new private investment firm, Canaras Capital Management.

Stephen Wade has been appointed global head of credit risk management for leveraged, structured & real estate finance at Deutsche Bank, according to an internal memo from Hugo Banziger, chief risk officer.

Loomis, Sayles & Co. is preparing its first collateralized loan obligation, a $400 million portfolio led by Goldman Sachs.