(Bloomberg) -- Bank of Nova Scotia has recruited a team of seven from JPMorgan Chase & Co. in Texas to launch a new mortgage capital markets business in Houston.
The group, which includes three current managing directors from JPMorgan, will start in the fall, according to an internal Scotiabank memo Thursday reviewed by Bloomberg News.
The Toronto-based lender began boosting its U.S. structured finance business more than a year ago, hiring a collateralized loan obligation executive from Morgan Stanley and four CLO veterans from the French bank Nataxis.
“Our new MCM team brings extensive market experience and will work closely with our securitization and structured credit teams to expand our client-centric capabilities in the structured finance space to deliver continued growth in the USegion,” according to the memo from Paul Scurfield, global head of capital markets, Bob Nguyen, head of fixed income origination, and Kshamta Kaushik, head of U.S. capital markets.
Thanh Roettele, who’s been with JPMorgan for more than 28 years, according to his LinkedIn profile, will join Scotiabank as one of three managing directors on the new team. The other two are Brice Simpson and Francis Lim, who have worked at JPMorgan for six and 18 years, respectively.
Kevin Wooten will join as a director in the new division, according to the memo, the contents of which were confirmed by a representative for the lender.
Also leaving JPMorgan for the Canadian bank are Lindsay Schelstrate, Russell Allen and Daisy Michalson, who will handle risk and operations support.
A representative for JPMorgan declined to comment.
Scotiabank announced a deal this week to acquire almost 15 per cent of Cleveland-based KeyCorp for US$2.8 billion, saying the investment is part of a move to shift more capital spending from Latin America to the U.S.
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