Chris Kelly, fixed-rate collateralized mortgage obligation trader at Merrill Lynch in New York, recently resigned and has joined UBS. Kelly, who started in the middle of last week, confirmed his move but declined further comment and referred questions to Michael Hirschberg, head of the CMO derivatives business at UBS. Hershberg did not return a call.
Mortgage trading officials at Merrill referred questions regarding Kelly to Terez Hanhan, spokeswoman. She declined comment and further information about Kelly's role at Merrill or whether he will be replaced could not be determined.