Merrill Lynch hired mortgage securities executives from JPMorgan and Citigroup to lead securitization and trading operations.
Michael Nierenberg joins Merrill as global head of mortgages and securitized products. He headed global securitized products at JPMorgan since the acquisition of Bear Stearns, where he'd led various fixed-income trading desks since the mid-1990s. Before joining Bear Stearns, Nierenberg spent seven years at Lehman Brothers and was instrumental in building up that firm's adjustable rate mortgage business. At Merrill, he will report to Thomas K. Montag, head of global sales and trading.
James De Mare, who was Citigroup's global head of mortgage trading, will assume a similar role at Merrill. He joined Citi predecessor Salomon Brothers in 1997 to run its adjustable rate trading business, and previously worked at Bear Stearns and Prudential Securities. De Mare will report to Nierenberg.