Barclays Global Investors, Commerzbank Securities and Royal Bank of Canada have each hired a structured finance professional from the collateralized debt obligation group at Fitch Ratings in London. Alec MacKay, director, and Charles Kassouf and Charles Griffith, both associate directors, have all recently joined the buy- and sell-side firms.
MacKay starts at Commerzbank in London this week as an asset-backed research analyst. He joins a team of three analysts reporting to Katie Hostalier, head of asset-backed research, and adds a CDO focus to the team. Hostalier declined comment and MacKay could not be reached.
Royal Bank of Canada has taken on Kassouf in its London office as v.p., reporting to Giles Tucker, head of infrastructure finance with responsibility for capital markets, advisory services and bank debt. "We are expanding our capacity in PFI and non-PFI capital markets, and Charles will assist greatly in exploring alternative structures and forging closer working relationships with the rating agencies," said Tucker. Kassouf could not be reached. He relocated to London about a year ago (BW, 8/4/2003).
Griffith has joined the global credit group at BGI as senior asset-backed securities analyst. He fills the spot vacated by Brendan Galloway, who has become head of the enhanced cash team, a new role created when BGI's cash desk was recently divided into a liquidity team and an enhanced cash team. Griffith reports to Patrick Hoban, San Francisco-based head of global credit. Hoban declined comment and Griffith did not return calls.
At Fitch, MacKay, Kassouf and Griffith all reported to Richard Gambel, head of the CDO team. "Fitch's CDO group has experienced a very low level of turnover in the last two years and we started the year with a very experienced team," said Gambel. He added Fitch has already made 12 hires this year, such that even with these departures, Fitch has very few openings left for the remainder of 2004.