Merrill hires Galishoff to head proprietary mortgage arbitrage desk

Merrill Lynch has hired Alan Galishoff, previously head of the collateralised mortgage obligation (CMO) desk at JP Morgan Chase, to head its newly created mortgage relative value business.

Galishoff, who starts on Monday, will build Merrill's proprietary mortgage arbitrage capabilities, and focus on relative value opportunities within the US mortgage and fixed-income derivatives markets, said a Merrill spokesman.

He will report to Barry Wittlin and Paul Thomas, co-heads of the global rates group at Merrill Lynch.

Galishoff was hired by Chase in January 2000 to build up its mortgage derivatives and CMO department. Prior to that he was the head of CMO and derivatives trading at Donaldson, Lufkin and Jenrette, and has also worked at Greenwich Capital and Lehman Brothers.

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