The one area of Europe’s structured credit markets where it’s worth adding resources is collateralised loan obligations, if Barclays is anything to go by.
Bloomberg News reports that as the bank cut senior staff in its European asset-backed securities business last week, it added two CLO traders in London, according to four people familiar with the matter, who asked not to be identified because the moves aren’t public. Matt Michhiana and Travis Hayes, who previously held other roles at Barclays, have joined the CLO business headed by Michael Clarke, the people said.
In the meantime, Bloomberg also reports that Deutsche Bank, which runs Europe’s biggest investment bank, hired three traders for its interest rates division as it weighs an overhaul of the securities unit.
Ryan Sbarra will join from BlueCrest Capital Management to head Deutsche Bank’s sterling desk, the company said in a statement on Tuesday. Kal El-Wahab and Kilian Frensch are coming from Credit Suisse and Brevan Howard Asset Management to make markets for clients in interest rate swaps, according to the statement.
Finally, Bloomberg also reports that Stephen King stepped down as HSBC’s global chief economist and was succeeded by Janet Henry, previously the bank’s chief European economist.
King, who served as chief economist for 17 years, will remain at the institution as senior economic adviser. Henry helmed European economic coverage since 2007 having previously worked as a global economist and in Hong Kong as an Asian economist.