Existing CDO managers are struggling to retain key talent as new firms enter the market. Speaking at the American Securitization Forum conference in Las Vegas in February, Pat Maley, director of asset-backed securities at Deerfield Capital Management, said that this was one of his biggest challenges. “We constantly worry about losing our staff and, because of that, we are constantly on the lookout for new people,” he said.
The number of new managers, and the rapid increase in deal volume, is also making experienced managers frustrated that there is little distinction in pricing between deals done by new entrants and those done by firms with a proven track record.
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