Alex Braun, director of funding and asset management on the fixed-income side, and Paul Caldwell, a senior asset-backed and high-yield bond portfolio manager, have left Abbey National's wholesale bank. The departures are the result of a restructuring in the wholesale bank, a spokeswoman says. Braun's responsibilities have been divided, with funding now being part of the Treasury division and asset management coming under a newly established division--asset management and risk transfer. It could not be determined whether Caldwell will be replaced. Braun and Caldwell could not be reached for comment.
Asset management and risk transfer is being headed up by Richard Williams. He had been head of credit derivatives at Abbey since January 2000. The newly created role is part of Abbey's move away from a buy-and-hold fixed-income investment strategy to a strategy whereby the bank buys fixed income and repackages it, for example, into collateralized debt obligations, says the spokeswoman. Williams reports to Mark Pain, ceo of Abbey National Treasury Services. Williams will retain responsibility for credit derivatives.