Wachovia Securities has hired Sergei Zagin, formerly a v.p. in collateralized debt obligation trading at Bear Stearns, for a similar role in its own CDO group. Zagin joined Wachovia late last month as a v.p. and CDO trader reporting to Randy White, head of CDO trading in Charlotte, N.C. Zagin said the position is a newly created one and is part of Wachovia's capital commitment to CDOs in the secondary market. He adds the firm's commercial banking foundation attracted him, reasoning that it has a bigger balance sheet than Bear Stearns and can thus make markets in more deals. As a result, Zagin said it offers a better long-term environment.
At Bear Stearns, which he left late last month, Zagin reported to Mike Nierenberg, head of CDO trading in New York. He says Zagin's responsibilities will be consolidated and assumed internally, declining further comment.