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Morgan Stanley reorganized its secondary-market trading desk for commercial MBS last week after senior trader James Hiatt jumped to Goldman Sachs and trader David Lehman moved over to Deutsche Bank.
In the wake of the defections, Morgan Stanley promoted Scott Stelzer, an executive director who has worked on the desk for five years, to head CMBS trader. Several members of the firm's CMBS capital-markets desk, which handles primary issuance, will also pitch in on secondary-market trades. The company has not yet decided whether to make any other changes.
Meanwhile, the `CMBS trading desk will now report to managing director Jonathan Strain, who since 1999 has been in charge of new issuance of all structured-finance products, including collateralized debt...