Bilal Rashid, collateralized debt obligation originator at CDC IXIS Capital Markets in New York, is joining Merrill Lynch's structured credit team in a similar role, said Chris Ricciardi, head of the structured credit team at Merrill.
Rashid has been hired to structure new collateralized loan obligations at Merrill. Although it does have a presence in CLOs, Merrill does most of its volume in asset-backed and trust preferred CDOs. Merrill sits atop Thomson Financial's U.S. league tables with a 20.3% market share, well ahead of second-place Morgan Stanley, which has sold 13.7% of cash deals this year.
At CDC, Rashid reported to Ken Wormser, head of the CDO group. He did not return a call by press time. Wormser, formerly the head of asset securitization at CIBC World Markets, turned heads about two years ago when he left for CDC and took about 30 professionals with him. CDC has since completed CLOs for distressed specialists Cerberus Capital Management, Patriarch Partners, Tennenbaum Capital Partners and SilverPoint Capital.