UBS Securities has hiredJoe Valentine to trade interest-only and inverse interest-only bonds on its mortgage-backed securities derivatives desk. Valentine, who started last Monday, declined comment when reached at his desk. He is replacing Chris Paternoster, who has transferred to UBS' whole-loan trading desk, according to an individual familiar with the situation. Paternoster was not available to comment. Valentine is reporting to collateralized mortgage obligation and MBS derivative trading desk chief Dave Martin. Valentine is the second Bear Stearns MBS derivatives veteran UBS has hired over the past year or so, joining fellow Bear Stearns trading desk alumni, IO/PO trading chief Michael Hirschberg, who joined the firm in the early spring of 2002 (BW, 3/4/02).
Valentine left Bear Stearns after 12 years in June (BW, 6/30) and spent a few months "on the beach," says the individual close to Valentine. It could not be determined why Valentine left Bear Stearns.