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April 06, 2004
Wachovia Securities Expands Structured Credit Products Business With New Hires on the Marketing, Structuring and Trading Desks
Ron Schumer, Greg Freer, Andrei Litvintsev, Julia Hu and Henrik Malmer join Wachovia as firm expands CDO and Credit Derivatives business
CHARLOTTE, N.C. -- Wachovia Securities announced today that five senior-level marketers, structurers and traders have joined the Structured Credit Products group as the firm expands its U.S. and international cash and synthetic securitization business. The five new hires will report to Yu-Ming Wang, Managing Director and Global Head of Structured Credit Products.
The new hires include Ron Schumer, a Director in TRS Trading, and Greg Freer, a Director in Marketing, who will be based in Charlotte. Andrei Litvintsev has been hired as a Vice President in Deal Management, and Julia Hu has been hired as a Vice President in Deal Management for Multisector CDOs, based in New York. Henrik Malmer has been hired as a Vice President in ABS/CDO Trading and is based in London.
"We have had tremendous success building our Structured Credit Products business globally and have been a top provider of CDOs collateralized by Real Estate securities, Middle Market Loans, Leveraged Loans, Investment Grade Corporates and ABS," said Tom Wickwire, Wachovia Securities Managing Director and Global Head of Structured Products.
Wang adds, "We are dedicated to this business and are continuously increasing our presence in the Credit Derivatives space. In recent months, we have proven our ability to enter into new product areas and achieve rapid success. Expanding our Structured Credit Derivatives team is a natural extension of our growing platform, and each new hire will have great success in our Fixed Income Division."
Schumer and Freer joined Wachovia Securities from Bank of America, Hu joined from CSFB, Litvintsev joined from UBS, and Malmer joined from Bear Stearns. They are among the latest senior-level Structured Credit Product and Credit Derivatives professionals to join the firm in recent months.
Wachovia Securities' Structured Credit Products group provides comprehensive global capabilities in CDO and structured transactions. Wachovia Securities specializes in Real Estate CDOs through its Commercial Real Estate Securitization Trust (CREST) program, Middle Market CLOs, Asset-Backed CDOs, Synthetic CDOs via its CPORTS and Calibre platforms and Leverage Loan CLOs via its APEX structure. Wachovia Securities also recently closed an innovative Structured Equity Linked Security product. The Structured Credit Products group is uniquely organized across asset classes to allow for one-stop shopping for these products.
About Wachovia
Wachovia Corporation (NYSE:WB) is one of the largest providers of financial services to retail, brokerage and corporate customers throughout the East Coast and the nation, with assets of $401 billion, market capitalization of $61 billion and stockholders' equity of $32 billion at Dec. 31, 2003. Its four core businesses, the General Bank, Capital Management, Wealth Management, and the Corporate and Investment Bank, serve more than 8 million households and nearly one million businesses, primarily in 11 East Coast states and Washington, D.C. Its full-service retail brokerage serves clients in 49 states. Global services are provided through 32 international offices. Online banking and brokerage products and services also are available through Wachovia.com.
Wachovia Securities is the trade name for (i) the corporate and investment banking services of Wachovia Corporation and its subsidiaries, including Wachovia Capital Markets, LLC ("WCM"), member NYSE, NASD, SIPC.; and (ii) two separate, registered broker-dealers and non-bank affiliates of Wachovia Corporation providing certain retail securities brokerage services: Wachovia Securities, LLC, member NYSE/SIPC, and Wachovia Securities Financial Network, LLC, member NASD/SIPC.
Stocks, bonds, mutual funds or other securities offered or sold through Wachovia Corporation or any of its bank or non-bank subsidiaries are not deposits of any bank and are not insured, guaranteed or otherwise protected by the Federal Deposit Insurance Corporation or any other government agency; are not endorsed or guaranteed by Wachovia Corporation, WBNA, or any bank; and involve investment risk, including possible loss of principal.
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