Merrill Lynch Hires Two Former Bear Stearns Mortgage Trading Execs
Wednesday, September 10, 2008
Merrill Lynch & Co., Inc. announced that Michael Nierenberg from JPMorgan Chase will be joining the firm to head global mortgages and securitized products businesses, and that James De Mare from Citigroup will also be joining to run the company’s mortgage trading operations.
Nierenberg was most recently JPMorgan’s head of global securitized products, a position he held after moving to that firm following its purchase of Bear Stearns earlier this year. Nierenberg joined Bear Stearns in 1994, holding positions such as head of interest rate and foreign exchange trading operations, co-head of structured products, and co-head of mortgage-backed securities trading. Before Bear Stearns, Nierenberg spent seven years at Lehman Brothers, working in the firm’s adjustable rate mortgage business.
De Mare comes to Merrill Lynch after 11 years with Citigroup. He most recently served as Citigroup's global head of mortgage trading, which included the trading of all securitized products in Citigroup’s fixed income currencies and commodities group. He joined Salomon Brothers in 1997 to run its adjustable rate trading business. Prior to Salomon, De Mare traded agency and non-agency adjustable rate mortgages at Bear Stearns and Prudential Securities.
“I am very pleased that both Mike Nierenberg and Jim De Mare have agreed to join Merrill Lynch,” said Thomas K. Montag, head of global sales and trading. “Both Mike and Jim are among the most highly skilled and knowledgeable people in the mortgage business.”
Nierenberg was most recently JPMorgan’s head of global securitized products, a position he held after moving to that firm following its purchase of Bear Stearns earlier this year. Nierenberg joined Bear Stearns in 1994, holding positions such as head of interest rate and foreign exchange trading operations, co-head of structured products, and co-head of mortgage-backed securities trading. Before Bear Stearns, Nierenberg spent seven years at Lehman Brothers, working in the firm’s adjustable rate mortgage business.
De Mare comes to Merrill Lynch after 11 years with Citigroup. He most recently served as Citigroup's global head of mortgage trading, which included the trading of all securitized products in Citigroup’s fixed income currencies and commodities group. He joined Salomon Brothers in 1997 to run its adjustable rate trading business. Prior to Salomon, De Mare traded agency and non-agency adjustable rate mortgages at Bear Stearns and Prudential Securities.
“I am very pleased that both Mike Nierenberg and Jim De Mare have agreed to join Merrill Lynch,” said Thomas K. Montag, head of global sales and trading. “Both Mike and Jim are among the most highly skilled and knowledgeable people in the mortgage business.”
