David Newby, head of European commercial asset-backed securitization at ABN AMRO in London and a well-known veteran of the European structured finance market, has left the firm. Newby has not yet joined a new firm, and it could not be ascertained where he is headed next.
Doug Tiesi, who joined ABN AMRO from Credit Suisse First Boston last summer to head up European principal finance, replaces Newby as head of a new combined group encompassing European real estate and principal finance, said Selwyn Rayzor, global head of securitization at ABN in London. Newby, reached on his mobile phone, declined comment. Tiesi did not return calls.
Newby joined ABN toward the end of 2002, before which he was at UBS in London for 17 years. He worked on, among other deals, the first European securitization of embedded value in life policies, for U.K. mutual insurer National Provident Institution and a tap for Annington Homes, which securitized the U.K. Ministry of Defence's housing estate.