UBS Warburg has recruited Mike Rosenberg and Jeff Herlyn from J.P. Morgan Securities to be the co-heads of its global credit collateralized debt obligation business. The positions are newly created. Both start today and report to the co-heads of global credit derivatives Mike Connor and Sal Naro. Naro confirmed the move.
At J.P. Morgan, Herlyn was a managing director and Rosenberg an executive director, reporting to Romita Shetty, former head of structured credit who resigned from her post in December. Calls to Michael Dorfsman, a spokesman at J.P. Morgan, seeking comment on their eventual replacements, were not returned by press time.
Rosenberg and Herlyn will be in charge of originating and structuring managed CDO transactions--called "third-party" transactions-- for both cash flow and synthetic structures. They will oversee managed CDOs backed by corporate bonds, loans or credit default swaps.
Deals that are backed by structured finance collateral, such as asset-backed or mortgage-backed securities, are structured out of a different group headed by Ramesh Singh, managing director, in charge of the global mortgage and ABS business.
The idea is to fully integrate cash flow and synthetic deals for third-party transactions, says Kris Kagel, a UBS spokesman. The structuring of static deals is done within Naro's credit derivative's group by a team of specialized structurers who do not report to the new co-heads.