Deutsche Bank Loses ABS Traders as Brown Joins William Street

Deutsche Bank AG (DBK) has lost two London-based asset-backed debt traders, with Chris Brown joining U.S. hedge fund One William Street Capital Management LP.

His former colleague Siddharth Mittra departed to join Credit Suisse Asset Management in London, according to three people with knowledge of the move, who asked not to be identified because they’re not authorized to speak about it.

One William Street, the investment firm run by former Lehman Brothers Holdings Inc. banker David Sherr, is among U.S hedge funds including GoldenTree Asset Management LP and Ellington Management Group LLC adding staff in London for ABS units. The U.S. firms are seeking to profit from disposals of soured securities as European banks face tougher capital rules and stress tests.

Brown will initially be based in New York and will support One William Street’s European ABS trading business, according to Mickey Mandelbaum, a Los Angeles-based spokesman for the firm at Muirfield Partners.

Brown and Mittra both joined Deutsche Bank in 2010, according to their registrations with the U.K.’s Financial Conduct Authority.

Sebastian Howell, a spokesman for Deutsche Bank in London, declined to comment on the departures. Adam Bradbery, a spokesman at Credit Suisse, declined to comment on the hire, while calls to Mittra and Brown were not returned.

To contact the reporter on this story: Alastair Marsh in London at amarsh25@bloomberg.net

To contact the editors responsible for this story: Shelley Smith at ssmith118@bloomberg.net Michael Shanahan, Jennifer Joan Lee

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