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April 15, 2004
Wachovia Securities Hires Industry Veteran Dennis Kraft to Head Consumer Asset-backed Securities Research
CHARLOTTE, N.C. -- Wachovia Securities announced today that Dennis Kraft, Ph.D., has joined the firm as Director and head of Consumer Asset-Backed Securities research, covering home equity, credit card, automotive, student loan and business loan issues. Kraft will be based in Charlotte and report to Brian Lancaster, Managing Director and head of Structured Products Research in the firm's Fixed Income Division.
Kraft previously was Managing Director and head of Credit Research and Trading at Conning Asset Management, where he focused on Asset-Backed Securities and Commercial Mortgage-Backed Securities. Prior to that, Kraft managed more than $10 billion of ABS and CMBS portfolios with Hartford Financial Services Group. He has also developed a number of prepayment, credit and hedging models.
"Dennis is one of the top buyside analysts in the business. As such, he is uniquely suited to developing a top-quality ABS research platform designed and focused on the needs of the investor," Lancaster said. "At Wachovia, we are committed to producing solid, objective research, and Dennis is a perfect fit for this team."
Kraft holds a Ph.D. in Economics from the University of California, San Diego, where he specialized in econometrics. He also was an economist with the President's Council on Wage and Price Stability and at the Federal Reserve Board of Governors in Washington, D.C.
"I am pleased to join a great group of people at Wachovia, and look forward to developing research that leverages the strength of Wachovia's growing ABS franchise for the benefit of investors," Kraft said.
Wachovia Securities Structured Products Group originates, structures, distributes and trades asset-backed securities, residential and commercial mortgage-backed securities, and mortgage and collateralized debt obligation products. The firm provides comprehensive asset-backed capabilities, including underwriting public securities, private placements, asset-backed commercial paper funding, hedging and risk management and ABS tax products across a broad array of asset classes.
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 the Corporate and Investment Banking Services of Wachovia Corporation and its subsidiaries, including its broker-dealer Wachovia Capital Markets LLC, member NYSE, NASD, SIPC.
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