US commercial mortgage backed securities broker Wachovia has poached Doug Tiesi from ABN AMRO to launch its London operation.
Tiesi joined ABN AMRO in 2004 as an executive director, and was responsible for establishing the bank’s CMBS team.
EG understands that Wachovia has also poached several other ABN AMRO CMBS staff.
City sources said Wachovia wanted to enter the European market “in a big way”, and that it could only do this by paying large sums for an entire team.
Tiesi will report to Bill Green, head of CMBS at Wachoviain the US.
The financial services group has also hired banker Maitland Bruce, who left Eurohypoin March.
Research from Barclays Capital this week reports record growth in CMBS issuance, although there are signs that “cracks are beginning to show” in the market.
