Chase Manhattan Corp. has hired William J. Haley away from Prudential Securities to build its business in public issuance of asset-backed securities.
Mr. Haley will develop business with banks and financial institutions that publicly issue securities backed by credit card and home equity loans, said Michael Malter, managing director and head of Chase's asset-backed securities group.
Mr. Malter said the merger of Chase and Chemical Banking Corp. increased the importance of becoming a "bigger player in the public asset-backed market." Previously, the two banks focused on private placement of asset- backed securities and asset-backed commercial paper programs.
Mr. Haley was a director in Prudential's mortgage and asset-backed securities division, which ranked first among asset-backed underwriters in the first quarter, having raised $1.5 billion in 10 public transactions.
Before that, he had stints in the asset-backed securities groups of Lehman Brothers and Salomon Brothers.
Mr. Haley's departure is the second for Prudential in as many months. In April, Paul Jenison, co-head of the firm's mortgage and asset-backed division, left to join PaineWebber.
On May 1, Prudential named Mr. Jenison's former co-head, Len Blum, to lead its asset-backed securities group, one of the largest on Wall Street.