Societe Generale extends U.S. ABS push with key hires. Daniel McGarvey to head U.S. asset-backed securities
Societe Generale Corporate & Investment Banking (SG CIB) announced today that it has hired Daniel McGarvey and a team of senior ABS bankers as the bank continues to expand its U.S. asset-backed securities business, in all aspects of the market, from originating loans to structuring, distributing and trading the securities.
McGarvey will manage an expanded team of ABS and CMBS professionals with the objective of building a leading U.S. ABS franchise, both in mortgage and non-mortgage asset-backed security segments.
McGarvey, who has over 20 years of experience in the broad spectrum of U.S. securitized products, most recently headed RBS’s non-mortgage ABS business, developing the franchise into a market leader. Prior to RBS,McGarvey marketed, structured and executed term ABS distribution at Banc One Capital Markets, and prior to that JP Morgan, where he began working in ABS in 1994.
Also joining Societe Generale in senior positions as part of McGarvey’s team are Bob Pucel, as head of ABS/CMBS syndicate, and Carl Spalding as a lead ABS Banker. In addition, Sean Whelan has been hired as a senior asset-backed products salesperson. Additional hires announced today supporting the bank’s initiative include Parker McKee in sales and Ryan Comins in syndicate. All were previously with RBS and will be based in New York.
The new hires will strengthen Societe Generale’s U.S. CMBS business, which was launched earlier this year with the hiring of a leading team of CMBS executives, as well as expand the bank’s existing non-mortgage ABS/Conduit platform with corporates and financial institutions.
This build-out is part of a global Societe Generale initiative headed in the U.S. by Hatem Mustapha* to develop asset backed product capabilities that will take advantage of a trend towards increased securitization to finance the economy. The expansion of the asset-backed platform is representative of the firm’s specialized product approach, recognized expertise in securitization, structuring and engineering and financial innovation capabilities.
* Supervisory responsibility is pending receipt or transfer of relevant regulatory licenses