RBS Greenwich Capital has hired Margaret Kerins, a research professional from Banc One Capital Markets, to run its agency sales business. Ryan Mullaney, regional sales manager at the dealer, says the role is a new one within its liquid products groups, which distributes government/agency paper and swaps. Kerins, who joined RBS late last month as a managing director in charge of agency sales in Chicago, has a research background, most recently at Banc One and previously at ABN AMRO, which Mullaney says fits well into the world of agency securities, particularly callables, because of their complex structures. A solid understanding of these embedded options is particularly important in the sales process now, given the volatility in interest rates, Mullaney says. "I know all the sales people on Wall Street don't really understand all of the structural nuances," he says, explaining why the dealer hired someone with a research background.
In a broader context, Mullaney says the firm has hired someone to lead its agency businesses now because it views agencies as an important business line amid lingering concerns about corporate credit and the equity markets.