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Securitization executives are bracing for a new round of people moves, coming on the heels of Barclays Capital and Credit Suisse shuffling their securitization teams.
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Brian Roth, former v.p. at Deutsche Bank, is said to have resigned Tuesday from the firm, flipping to Credit Suisse. Another trader, Greg Silverstein, is also said to have moved with Roth.
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Jay Kim and a group of about 10 other securitization officials have been hired away from Barclay’s Capital by Credit Suisse, according to market sources.
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Deutsche Bank is restructuring its entire U.S. securitization trading platform, unifying all structured finance trading and related derivatives under a single umbrella, according to officials close to the move.
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Structured finance transaction sponsors are racing to line up a second assessment by the credit ratings agencies ahead of a March 1 deadline set by the European Central Bank for securities to meet repo-eligibility criteria. However, a large number of transactions could shortly become ineligible unless the ECB relaxes its deadline.
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Philadelphia, Pa.-based Dechert has hired Larry Berkovich, former special counsel at Cadwalader, Wickersham & Taft, in a bid to develop its collateralized loan obligations business.
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Mill Valley, Calif.-based Redwood Trust, the sponsor of the year’s first private-label residential mortgage securitization, shifted from one ratings agency to another in order to get a better rating on its Sequoia Mortgage Trust 2011-1.
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Berkadia Commercial Mortgage has hired commercial mortgage-backed securities veteran Hugh Hall as a managing director of capital markets as part of a plan to expand origination programs after cutting back during the downturn.
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Real estate investment firm Recourse Capital has purchased Churchill Pacific Asset Management, a Los Angeles-headquartered collateralized loan obligation manager with $1.9 billion under management.