Faced with a shortage of commercial mortgage backed securitisation (CMBS) staff, one recruiter says banks are being forced to widen their hiring nets.
"A lot of groups are coming to the party a little late when it comes to CMBS capabilities," says Ted Tracey, a consultant at search firm Kinsey Allen. "Last year they were hiring CMBS structurers and originators from rivals. But this year these guys have been paid very handsomely and are proving difficult to move."
Instead of getting into bidding wars in which current employers seek to buy back wayward employees with counter offers, Tracey says banks are looking further afield, at real estate specialists in rating agencies and law firms, as well as at chartered surveyors.
He says Bear Stearns, Bank of America, BNP Paribas, and Investec are all seeking to add CMBS staff this year. Meanwhile, Wachovia is understood to be in the process of hiring between 25 and 30 securitisation staff in Germany and building a structuring team in London after recruiting Atul Bajpai, global head of debt principal finance, asset-backed conduits and securitisation at Dresdner Kleinwort Wasserstein, earlier this month.
ABN AMRO recently hired Ade Adeniran, a qualified chartered surveyor from the real estate finance team at Ernst & Young, as an associate.