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Securitization People and Markets

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  • Robert Horowitz, a director in Credit Suisse’s global structuring group, has left to join Primary Wave Music Publishing.
  • The merger of The Royal Bank of Scotland and ABN AMRO's Asian operations will result in a new structured credit derivatives and alternatives business featuring property and insurance derivatives, according to officials familiar with the situation.
  • Former HSBC structured credit sales head Greg Hughes is the most recent of several new hires at Fieldstone Capital as the division of Fieldstone Services bulks up its secondary market trading and sales staff (TS, 12/17).
  • Highland Financial Holdings is continuing to raise capital for two funds dedicated to buying distressed asset-backed and mortgage-backed securities, one distressed from a price perspective and the other from a credit perspective.
  • Tom Marano, global head of mortgage and asset-backed securities, and Josh Weintraub, co-head of mortgages-backed securities and asset-backed securities trading, have joined Cerberus Capital Management from Bear Stearns.
  • Mizuho Financial Group is planning to cut around 100 of its U.K. securitization team, according to reports.
  • Merrill Lynch's global head of collateralized debt obligations, Harin de Silva, and U.S. collateralized loan obligation chief, Tom Majewski, both left last week.
  • Bank of America and Credit Suisse first quarter earnings statements revealed significant reductions in leveraged lending exposure.
  • The Securities and Financial Markets Association has formed a global, investor-led task force to examine the credit rating agencies system and the group is expected to meet sometime before mid-May to map out its plan and priorities.