Banc of America Securities has moved a couple of trading positions internally, according to Pat Beranek, a consumer asset-backed securities trader. Beranek used to work in the high-grade syndicate desk and has been internally moved to the asset-backed securities syndicate desk, where he will report to Christopher Hentemann, head of ABS syndicate. Beranek used to report to Jeff Kane, managing director and head of global high-grade syndicate. Kane says Beranek's move merely reflects a restructuring change as Beranek's product used to be covered in the high-grade syndicate area and has now been transferred onto the ABS desk. Beranek will focus on primary issuance for consumer ABS origination, including credit-card and automotive-backed securities.
On the secondary market, ABS secondary trader D.J. Baudhin is now focusing on secondary corporate bonds. He will report to Steve Gallagher, managing director and head of corporate bond trading, who overseas secondary trading activity. Alex Cha will assume the secondary trading on the ABS syndicate desk, reporting to Hentemann.