09/16/2011

CRT Banks on Tisler for Underwriting Effort

CRT Capital is building a securitization-underwriting group.

Leading the effort is Justin Tisler, a former Aladdin Capital executive who arrived at the Stamford, Conn., brokerage firm last month. His staff so far consists of just one analyst — Tara Chick, who also came from Aladdin.

The plan is to hire an unspecified number of additional personnel in the coming months. Their work would include aiding clients in arranging financing from outside warehouse lenders and private equity firms, and then continuing to advise those shops as they eventually issue term securitizations that CRT would structure and distribute.

CRT is focusing on small and mid-size players that might sell $50 million to $200 million of bonds at a shot — issuers the firm sees as being ignored by larger Wall Street institutions. The deals would be backed by mortgages and other mainstream assets, as well as cashflows that are less common to securitization.

In fact, CRT already is preparing to lead its first offering. The transaction, from an undisclosed issuer, is being reviewed by rating agencies and could hit the market in the coming weeks.

Tisler reports to CRT capital-markets chief Justin Vorwerk and Jeff Mullins, who co-heads trading of securitized products. The new team would complement a secondary-market brokerage unit that already encompasses some 30 structured-product sales and trading professionals.

Tisler joined Aladdin in May in a similar role, but quickly left as the shop shuttered its broker-dealer operation (see article on Page 1). Before Aladdin, he headed a team within UBS’ securitization-underwriting division. He also was co-head of origination of consumer-asset securitizations in the U.S. at Credit Suisse.

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