Saturday, 23 July 2016
Last updated 11 hours ago
Aug 7 2012 | 1:09am ET
GoldenTree Asset Management has hired a former Goldman Sachs trader as it seeks to build its mortgage-backed securities trading.
Deeb Salem was head of non-agency mortgage securities trading at Goldman before his departure in May. He spent 11 years at the bank, including stints as head of single-name credit-default swaps referencing mortgage-backed securities trading in 2007. He started at GoldenTree this week.
“The mortgage space for us is a good opportunity and we’re building up our team,” GoldenTree chief investment officer Steven Tananbaum told Bloomberg Television. Non-agency mortgage-backed securities offer “probably the most upside in structured products,” he added.
Tananbaum called Salem an “honest” and “high-integrity guy.”
Tananbaum said new regulations and other changes on Wall Street have made hiring people like Salem easier. “The firms’ behavior has changed and because of that they’re more open-minded.”