Wachovia Securities has rejigged its structured products trading effort in the wake of a recent departure of one of its senior traders. Tom Wickwire, head of structured products in Charlotte, N.C., informed the team of the changes in a late February memo, which was obtained by BW, to the structured products group. Sergei Zagin, who joined Wachovia as a collateralized debt obligation trader a couple of years ago from Bear Stearns (BW, 5/5/2003), has taken over trading of Wachovia's aircraft-related asset-backed positions, according to Wickwire's memo. Zagin retains his role as head of CDO trading. Zagin referred questions to Jim Pierpoint, spokesman, who did not provide more information by press time. Wickwire did not return a call.
The additional duties for Zagin come in response to the departure of Randy White, a longtime Wachovia structured products trader who recently started at secondary shop United Capital Markets.