Chase Securities Inc. formed a mortgage-backed securities division and hired an executive at Daiwa Securities to head up the new business.
Barry Berkeley, 36, managing director in charge of mortgage-backed securities at Daiwa, was named managing director at Chase Securities, a subsidiary of Chase Manhattan Corp.
The newly created position carries responsibility for origination, sales, trading, and structuring of the securities. Mr. Berkeley reports to Robert S. Cohen, division executive for fixed income securities. Mr. Berkeley said the division will focus on a full range of services, including securitization of commercial real estate loans.
The market for these issues has exploded over the last year, and several New York banks, including Citicorp and Chemical, have formed new businesses to acquire and securitize commercial mortgages. "It's an up-and-coming business" that Chase wants to get involved in, said Mr. Berkeley.