Rabobank International, the U.S.-based asset manager of Rabobank Group, has hired Warren Tong from Ambac Assurance Corp., as executive director for its collateralized debt obligation management business. Tong will focus on residential mortgage-backed securities. He will start at the end of the month, says Sheldon Sussman, Rabobank's head of global structuring business, adding that the position is newly created to support the growth of the CDO portfolio management team. Rabobank is the collateral manager of 11 outstanding CDO transactions.
At Ambac, Tong was a senior portfolio manager in the structured finance team, with expertise in RMBS. He reported to Scott Gordon, managing director who heads the CDO effort for the monoliner. Calls to Gordon were not returned by press time.