New horizon for securitisation professionals

Principal investment teams are said to be increasingly open to hiring securitisation specialists.

"We've seen high demand from principal investors for people with experience in infrastructure or corporate securitisations," says Clare Harris, director of capital markets at search firm Alexander Mann Financial Markets. "Principal investors are looking for securitisation specialists to help manage their exit strategies."

Merrill Lynch, Lehman Brothers and Deutsche Bank are understood to be among the banks interested in hiring securitisation specialists for infrastructure investment teams.

"Infrastructure funds will look at mid-level securitisation guys with very strong modelling skills," says Ted Tracey, a headhunter in the area.

Tracey says pay for principal investors is typically more generous than for agency securitisation professionals. "If you work for an infrastructure fund you'll typically get a 20% to 25% premium. Plus deals can be a lot more one off, which makes them more interesting."

Harris says securitisation pros have not been remiss in realising the opportunities on the principal side. "Banks looking to fill pure agency roles have been finding it tough," she says. "Candidates are wising up to the fact that principal finance is the way things are going and really want a finger in that pie."