NEW YORK - In a move to broaden its asset-backed securities into new markets, CS First Boston Inc. has named Andrew Stone, once a star mortgage trader at Daiwa Securities America Inc., its mortgage-securities chief.
In his new position, Mr. Stone, 37, succeeds Craig Lipka, 35, as managing director. Robert E. Diamond Jr., CS First Boston's vice chairman, said he hoped Mr. Lipka would choose to stay with the firm.
Mr. Stone built a lucrative niche mortgage-securities business during his four years at Daiwa and profited handsomely from an unusual arrangement under which he got 50% of the unit's net revenue (in later years only 35%). But his effort last year to form his own real-estate finance company collapsed as interest rates soared and prospective investors got jittery.
Until he was approached by CS First Boston last month, Mr. Stone had sat out of the market.