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June 25, 2003
Wachovia Securities Hires New York-based Structured Credit Derivatives Trading and Marketing Team
Christopher Shin and Kathleen O'Halloran Harris join Wachovia as firm expands CDO and Credit Derivatives business
CHARLOTTE, N.C. -- Wachovia Securities announced today that Christopher Shin and Kathleen O'Halloran Harris have joined the firm in New York as Directors in the Structured Credit Products group. Shin has been hired as a Director and head of Structured Credit Trading, and Harris has been hired as a Director in Structured Credit Product Marketing/Structuring. Both will report to Yu-Ming Wang, Managing Director and Global Head of Structured Credit Products.
"We have had tremendous success building our Structured Credit Product business and have been a top three provider of CDOs collateralized by Real Estate securities, Middle Market Loans, Leveraged Loans, Investment Grade Corporates and ABS," said Tom Wickwire, Managing Director and Global Head of Structured Products.
"We entered the Credit Derivatives business three years ago and have been making great strides to become an active participant in that market. Hiring a Structured Credit Derivatives team is a natural extension of these two businesses, and we expect that Chris and Kathleen will have great success in our Fixed Income Department," Wickwire said.
Shin and Harris joined Wachovia from Bear Stearns, where they were part of the Credit Derivatives and CDO groups. They are among the latest senior-level Structured Credit Product and Credit Derivatives professionals joining the firm in recent months. Other recent hires include: - Anthony Sciacca, Director and head of Structured Credit Products Marketing/Origination
- Steve Altemeier, Director and head of Structured Credit Products Corporate Deal Management
- Ken Gacevich, Vice President, Middle Market Loan Trading
- Jason Powers, Vice President, Structured Credit Products Deal Management
- Steve DiVittorio, Vice President, Credit Default Swap Trading
- Chad Strean, Vice President, Credit Default Swap Sales
Wachovia's Structured Credit Products Group provides comprehensive global capability in CDO and structured transactions. It specializes in Real Estate CDOs through its Commercial Real Estate Securitization Trust (CREST) program, Middle Market CLOs, Asset-Backed CDOs, Investment Grade cash and synthetic CDOs and Leverage Loan CLOs via its APEX structure. The Group is uniquely organized across asset classes to allow for one-stop shopping for these products.
About Wachovia
Wachovia Corporation (NYSE:WB), created through the September 1, 2001, merger of First Union and Wachovia, had assets of $348 billion and stockholders' equity of $32 billion at March 31, 2003. Wachovia is a leading provider of financial services to retail, brokerage and corporate customers throughout the East Coast and the nation. Wachovia is also the nation's second-largest treasury management services provider for both domestic and international treasury management and consulting services. Cash flow solutions include, among other products, e-commerce, integrated payables and receivables, information reporting via Web or PC, and risk management. The company operates full-service banking offices under the First Union and Wachovia names in 11 East Coast states and Washington, D.C., and offers full-service brokerage with offices in 48 states. Global services are provided through more than 30 international offices. Online banking and brokerage products and services are available through wachovia.com.
Important Notice: Wachovia Securities is the trade name under which Wachovia Corporation conducts its corporate and investment banking services, asset management and mutual fund, brokerage and insurance businesses through: (1) Wachovia Securities, Inc. ("WSI"), a registered broker-dealer and member NYSE/NASD and SIPC; (2) First Clearing Corporation ("FCC"), a separately registered broker-dealer and member NYSE/NASD and SIPC, providing securities clearance and settlement services; (3) Wachovia Securities Financial Network Inc., a separately registered broker-dealer and member of the NASD and SIPC providing full-service brokerage services; (4) the Capital Management Group within Wachovia Bank NA, a national banking association, and its subsidiaries, providing asset management, lending, and fiduciary services; (5) various subsidiaries within Wachovia Corporation providing investment advisory, administrative and other services to the Evergreen and Mentor families of mutual funds; and (6) various wholly-owned state insurance agencies.
This is for your information only and is not an offer to sell, or a solicitation of an offer to buy, the securities or instruments mentioned. The information has been obtained or derived from sources believed by us to be reliable, but we do not represent that it is accurate or complete. Any opinions or estimates contained in this information constitute our judgment as of this date and are subject to change without notice. Performance analysis is based on certain assumptions with respect to significant factors that may prove not to be as assumed. You should understand the assumptions and evaluate whether they are appropriate for your purposes. Performance results are often based on mathematical models that use inputs to calculate results. As with all models, results may vary significantly depending upon the value of the inputs given. Models used in any analysis may be proprietary making the results difficult for any third party to reproduce. The securities referenced herein are more fully described in offering documents prepared by the issuers, which you are strongly urged to request and review. Wachovia Securities, Inc. ("WSI"), or its affiliates may provide advice or may from time to time acquire, hold or sell a position in the securities mentioned herein. If you are subject to ERISA, this report is being furnished on the condition that it will not form a primary basis for any investment decision. WSI, member NYSE, NASD and SIPC, is a subsidiary of Wachovia Corp. and an entity separate and distinct from its affiliated banks. Copyright © 2002 Wachovia Securities, Inc.
SECURITIES: NOT FDIC-INSURED/NOT BANK-GUARANTEED/MAY LOSE VALUE
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