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UBS Managing Directors John Herman and Brett Ersoff, who last week were made heads of the real estate finance and mortgage-backed securities group, have resigned to take posts at Rialto Capital Management. The moves renew speculation that UBS's CMBS group is facing an uncertain future, as the group continues to experience high and lower-level staff losses. UBS is reportedly in the midst of contemplating the fate of its CMBS program.
Managing Directors David MacNamara, who heads up commercial MBS trading, and David Nass, head of capital markets in the real estate finance group, have been tapped to replace Ersoff and Herman.
Spokeswoman Megan Stinson declined...