Bank of America in London has hired Tosh Burns, head of collateralized debt obligation origination at CIBC World Markets in London, as head of managed collateralized debt obligation origination for Europe, the Middle East and Africa.
Burns is the first hire made by Michael McLaughlin, global head of structured products and newly appointed head of the EMEA structuring and trading teams. He transferred from Charlotte to London in August after a series of high-profile departures from the structured credit group in the last year and a half (see related story, page 3).
Burns' hire is part of a strategic initiative to originate CDO transactions in Europe and distribute them globally, said McLaughlin. "Debt and corporate and investment banking will work more closely together as part of BofA's plan to extend several of its U.S. product competencies into Europe." He added his own move to London is part of the bank's effort to operate as a global company and adopt a more unified approach to products and clients.
In the U.S., McLaughlin reports to Chris Hentemann and George Ellison, co-heads of global structured finance, as well as Charley McLendon, global head of investment grade and credit derivatives. In London he reports to Arrington Mixon, head of international debt.
In his previous job at CIBC, Burns reported to Mark Hardisty, head of asset-backed origination and syndication in London. Hardisty said that a number of hires had recently been made for the CDO business but declined to give specifics. Burns could not be reached.