Morgan Keegan has hired collateralized mortgage obligation trading veteran Andy O'Fee away from Merrill Lynch. O'Fee, who started last Monday, will be part of Morgan Keegan's seven-trader mortgage-backed securities trading unit, according to MBS chief Chris Perkins, who declined further comment on the matter. He will be responsible for trading secondary agency issues, says an individual with knowledge of the situation. He will be a senior v.p. based in the firm's Memphis headquarters.
At Merrill, O'Fee reported to residential MBS and CMO desk chief Andy Beal, who says that the decision regarding a potential replacement had not been made yet. Beal declined to comment on what O'Fee's specific title or role was at Merrill.