Deutsche Bank has hired London-based asset-backed securities banker Michael Jinn. He joins after a one-year stay at Merrill Lynch. Prior to working with Merrill Lynch, Jinn worked at Deutsche Bank for two-and-one-half years. Jinn's new title is director in the European ABS group. Michael Raynes, who heads the group from London and to whom Jinn reports, says that the position is newly-created. Raynes says his bank may add another ABS trader, but on the banking side, future hires will happen on a more opportunistic basis. Jinn says he decided to rejoin Deutsche due to the boom in the global ABS business, and because he thought Deutsche offered a great platform.
At Merrill Lynch, Jinn was a director in the securitization group and reported to Michael Donahue, who left the firm in July to become global head of securitization for BNP Paribas. Jinn specialized in Southern European (Spain and Portugal) securitizations with an emphasis on structuring balance sheet collateralized, debt obligations.
According to a London banker, Jinn resigned from Merrill a week after Donahue left and started his new position in the last days of July. Herman Watzinger, Merrill's head of securitization and credit derivatives in London, says he does not expect anyone else to leave his 24-person team. He speculates that Jinn was approached by Deutsche Bank in the context of a restructuring due to the departure of Tamara Adler, its head of European securitization, who left for J.P. Morgan Securities in June. "They probably needed more European pros. We regret Jinn's departure but we don't intend to replace him this year," says Watzinger. Teimuraz Barbakadze is taking over Jinn's functions for now, he adds. However, Watzinger notes that he intends to expand his group in the beginning of next year.