Deutsche Bank's securities subsidiary has hired five former Merrill Lynch & Co. executives to form a collateralized debt obligations group, the bank announced Thursday.

The new group will be based in New York and plans to originate, structure, and distribute CDOs secured by high-yield bonds, leveraged loans, and other debt securities.

The team-Marc Pfeffer, Michael Herzig, Dean Aotani, Steve Kasoff, and Vanitha Badari-will be reunited with Thomas Gahan, who left Merrill in January to become global head of credit products at Deutsche Bank.

After the merger with Bankers Trust is complete, the group will be jointly managed by Mr. Pfeffer and Brian Zeitin of Bankers Trust. All of the hires join the bank as vice presidents, except Mr. Pfeffer, who has been named managing director, and Mr. Herzig, who has been named a director.

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