Merrill Lynch’s real estate team is looking decidedly thinner on the ground after a series of recent departures. CMBS head Nassar Hussain has left the bank along with John Bigley and Pascal Richard. They are understood to be heading off to different ventures: Hussain is rumoured to be setting up a Middle East-based property fund.
This is quite a hit for the team – which is headed by Stephen Green. Hussain had responsibility for CMBS but was still ultimately under Green’s authority.
Merrill established its European CMBS conduit – Taurus – in early 2005, at around the same time as it raided Citigroup’s investment banking group to rebuild its real estate business.
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