Fitch Ratings has added three new members to its growing U.S. ABS group. ‘I am pleased to welcome Les Scharfstein, David Petu and Kevin Corrigan to our expanding ABS team,’ said Kevin Duignan, Head of Fitch’s ABS Group. ‘Each brings a wealth of securitization experience and industry-wide recognition to our already well seasoned team.’
Over the course of the year thus far, Fitch has added more than 15 new hires to its ABS group as supply continues to be robust and Fitch’s presence grows, most dramatically in the auto and ABCP sectors. ‘The addition of Les, David and Kevin further demonstrates our commitment to a high quality analytical team and confirms why investors have come to recognize Fitch as the rating agency of choice in the structured finance market,’ Duignan noted.
Les Scharfstein, formerly a Vice President in American Express’ Corporate Treasury group will be joining Fitch as a Director. While at American Express, Scharfstein was key in developing Amex’s securitization strategy and helped to establish Amex as one of the premier ABS issuers. Scharfstein will be joining the Consumer ABS Group, headed by Managing Director Claire Mezzanotte, where he will focus on various consumer assets, particularly credit cards.
David Petu, formerly a senior analyst at GMAC Financial Services in Detroit, will be joining Fitch as an Associate Director. While at GMAC, Petu was involved in numerous securitization and whole loan sale activities on prime, subprime, lease and floorplan auto collateral. Petu will be joining Fitch’s Auto and Commercial ABS group, headed by Managing Director John Bella, where he will focus on auto related transactions.
Rounding out the new hires, Kevin Corrigan formerly of Goldman Sachs will be joining Fitch as an Associate Director. While at Goldman, Corrigan worked in the Interest Rate Products Group and previously in the ABCP Origination and Investor Marketing Group. Corrigan will be joining Fitch’s ABCP Group, headed by Managing Director Mike Dean, where he will focus on ratings and research for existing and new programs and on expanding the use of Fitch’s VECTOR CP as an analytical tool.