UBS Warburg has hired Bryan Boews from Credit Suisse First Boston to run its hybrid adjustable rate mortgage securities desk, according to people familiar with the matter. Boews had already left CSFB and was unavailable to comment last week. A CSFB insider says Boews received "a full court press" from CSFB to stay, including pressure from senior MBS and fixed-income department officials. Indeed, one individual familiar with the process says, "Bryan went in to resign mid-morning and was still in talks by 5 [p.m.]." This official says that Boews sought a contract to stay, but that senior CSFB officials were hesitant to offer one, offering oral assurances of compensation level instead. Matt Ruppell, head of MBS at Credit Suisse First Boston, declined to comment.
The terms of his UBSW package could not be learned, but a CSFB official says desk speculation was that it was a one-year deal that includes a percentage of the profits generated. Ramesh Singh, UBSW's global ABS and MBS chief, who personally orchestrated the hiring, did not return a phone call or e-mail seeking comment. Boews' job will be to build a new hybrid ARMs trading book. He will be a director.
Boews was the junior member of a three-person team at CSFB and was responsible for structuring both agency and whole-loan paper. Those remaining at CSFB include John Lee, who trades agency backed issues and Brett Marvin, who trades whole-loan issues and runs the desk. Marvin did not return a phone call and e-mail seeking comment. Another observer speculated that Brian Murphy, a junior structurer on CSFB's ARMs desk, would replace Boews.