Karen Kluvin has joined Bear Stearns'commercial mortgage-backed securities trading desk. Tim Koltermann, managing director in charge of subordinated CMBS trading and the person to whom Kluvin will report, says she will assist him in CMBS trading activities and to some extent, conduct some CMBS research. But, the bulk of her job will be managing the bank's repo book, he says. This function requires managing the risk associated with the position the bank takes when it lends a portfolio of CMBS bonds to its clients through the repo market.
Kluvin joins from Lennar Partners, a Miami-based real estate investment company that specializes in the purchase of sub-prime CMBS tranches. At Lennar, Kluvin was a subordinated CMBS portfolio manager. She reported to Kevin Wodicka, acquisition manager. Wodicka did not return calls. Kluvin was unavailable to comment.