Frank J. Keane, a specialist in commercial real estate underwriting and credit ratings, has joined the newly established commercial mortgage department at Daiwa Securities Inc.

An eight-year veteran of Duff & Phelps Credit Rating Co., Mr. Keane will serve as chief underwriter in the unit, which is headed by Ronald M. Stuart, an executive vice president.

The Daiwa Securities Group plans to establish a conduit for first and second mortgage loans on multifamily, retail, office, industrial, and hotel properties.

Mr. Stuart also announced the addition to the commercial mortgage trading desk of Warren S. Ashemill, formerly of CS First Boston.

Richard M. Lerner, the managing director of commercial mortgage trading, also came to Daiwa from CS First Boston.

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