XL Capital Assurance, the New York-based asset-backed securities guarantor, has hired Gregory King as a director in its structured investments group, in a newly created position. King will report to David Czerniecki, senior managing director of structured investment products. King says he will be responsible for structuring securitization transactions using new structures and non-traditional financial guarantee wraps. Czerniecki says he expects further growth in the structured investment department at XL, adding that his department will consider adding staff in several months. With King, the department now comprises five people.
King has 10 years of experience in structured finance, most recently at CGA Investment Management where he was a v.p and buy-side analyst focusing on collateralized debt obligations, non-prime autos, home equity bonds and new and emerging asset classes. At CGA, a firm he left last June, King reported to Landon Parsons, managing director. Calls to Parsons at Ace Financial Solutions, the company that acquired CGA last summer, were not returned. King says the reason he changed firms was because CGA elected to discontinue its origination business. Ace has no plans to replace him, according to King.