Bear Stearns in London has hired Jesus Rio Cortes, director in securitization at Calyon in London, as an associate director focusing on Spanish residential mortgage-backed securities. He reports to Richard Downer, London-based senior managing director and head of mortgage and consumer assets in Europe. Downer said the new hire represents an expansion of the firm's activity in Spain, a key market for Bear Stearns.
At Calyon, Rio Cortes reported to Jérôme Le Jamtel, global head of securitization in London. Le Jamtel did not return calls by press time.