Jefferies hires for compliance, FBR begins building a mortgage-backed securities team, and Fulcrum lands a new MD. There was also a rush of legal hiring.
Jefferies Group, the New York-based investment bank and securities firm, hired Robert J. Albano as global head of compliance and a senior vice president. Albano joined from Merrill Lynch where he was director of global capital markets and core compliance. Prior to that, Albano spent 18 years at Donaldson, Lufkin & Jenrette.
Friedman, Billings, Ramsey Group announced it is hiring 10 former sales and trading professionals from Freddie Mac to create an institutional mortgage-backed securities unit. Michael Swell, former head of Freddie Mac's securities sales and trading group, will lead the new team. The move follows Freddie Mac's decision to stop engaging in market making activities in October 2004.
Fulcrum Global Partners made the appointment of Steven C. Pelayo as managing director and senior research analyst covering the semiconductor capital equipment industry. Pelayo joined from SAC Capital, a hedge fund, where he was a research consultant. Prior to that, he was a vice president at Morgan Stanley covering the semiconductor capital equipment industry.
<Resignations and Promotions
James D. Wolfensohn said he plans to leave his role as president of the World Bank when his term expires in June. Wolfensohn, who has been president of the World Bank for a decade, said he did not wish to be considered for another five-year term. The Bush administration is searching for his successor.
Merrill Lynch and Gartmore Global Investments began the New Year with promotions. Merrill promoted Scott Kisting as co-head of its global bank group to focus on small business lending and consumer banking services. Kisting was previously a consultant at Merrill, where he had advised on strategies to grow the company's banking operations.
Gartmore Global Investments promoted Chip Zhu from co-manager to lead portfolio
manager of the Gartmore Global Technology and Communications Fund. Zhu was previously co-manager of the fund with Aaron Harris. His promotion follows Harris's departure to pursue other opportunities.
Linklaters Takes on 1, Dechert Scoops up 35
Linklaters continued to build its New York office through lateral hires. Michael Bassett joined its New York office from Jones Day as a partner in the banking team. He becomes the 15th partner in Linklaters' New York branch and will focus on leveraged buyout and acquisition financings. Basset is the fourth high-profile U.S. partner to join Linklaters in New York in the last six months.
Dechert has hired 35 lawyers to its corporate and M&A practice. The hires were part of a mass defection of 65 lawyers from rival firm Swidler Berlin Shereff Friedman. They include nine corporate partners and 26 corporate associates. New partners specializing in M&A work include Charles Weissman, Scott Zimmerman and Richard Goldberg; all will be based in New York.