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Restructuring Displaces Deutsche's D'Albert
Asset Backed Alert, Harrison Scott Publications Inc. (June 13, 2008)

Global structured-product chief Richard D'Albert was arranging an exit package with Deutsche Bank this week.

D'Albert's talks coincided with the departure of lieutenant Erik Falk, whose split from Deutsche had been rumored since last month. In both cases, the individuals were apparently squeezed out of their roles by a restructuring that combines the German bank's securitization, credit-derivatives and special-situations teams.

Each was offered a new job at the institution a few weeks ago, but ultimately declined. D'Albert, who had the chance to take a high-ranking sales position, now appears to be considering the launch of an investment firm. There's no word on Falk's plans. He worked a layer under D'Albert with more narrowly focused responsibilities, as global co-head of asset-backed securities with Frank Byrne.

Also gone is Michael Lamont, apparently to join an opportunistic investment venture called Seer Capital that's led by former Deutsche executive Phil Weingord. Lamont had been working under D'Albert as head of Deutsche's CDO-underwriting unit - an area he was leading alone since co-head Michael Herzig left two months ago to join McDonnell Investment.

It looks like a change in Deutsche's chain of command came with the departures. While it's unclear if the bank has appointed a direct replacement for D'Albert, Elad Shraga, a managing director in Deutsche's global credit-product trading group, has taken over Falk's post.

However, Byrne, who previously answered to D'Albert, now reports to Shraga, who in turn works under global-markets heads Boaz Weinstein in New York and Colin Fan in London. Weinstein and Fan, meanwhile, only recently took over for Rajeev Misra, who appears to be leaving Deutsche as well. He had only taken leadership of the team a few months ago, stepping in for Weingord.

D'Albert, Falk and Byrne were among some 60 staffers who followed Weingord and Jorge Calderon to Deutsche from Credit Suisse in 2000 - an exodus that coincidentally was triggered by a restructuring at that bank. Their arrivals marked one of the biggest staffing shifts ever to take place in the asset-backed bond market, as Deutsche instantly vaulted to the top tier of underwriters in the industry and Credit Suisse raided the former Prudential Securities for replacements.

Weingord and Calderon, who came in as Deutsche's ABS co-heads, eventually were promoted. Meanwhile, D'Albert climbed the ladder from a product-head position to become co-chief of the bank's global ABS-underwriting area with Michael Raynes, another Credit Suisse defector. D'Albert then gained sole control of the team in 2006, when Raynes resigned to join Citigroup.

In February, D'Albert moved up a notch to his most recent position, covering a range of asset-backed products and CDOs - at which point Falk and Byrne stepped into his former role. Until then, Falk had been head of a special-situations team at Deutsche.



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