"With Wachovia's burgeoning asset-backed and mortgage-backed securities businesses, we are thrilled to have Glenn heading up this key 5-person research team," said Lancaster. "His outstanding reputation in ABS and residential credit and prepayment modeling, combined with his experience and strong client relationships, makes him perfectly suited to provide best in class, actionable research for our domestic and overseas investors. Glenn will also be working closely with Brian McManus, head of our Collateralized Debt Obligation (CDO) research team, on joint research in ABS CDOs."
Schultz has 18 years of capital markets experience focused on structured finance and fixed income analytics and valuation, particularly in the ABS market. He joins Wachovia from RBC Financial Group, where he managed the Home Equity Loan ABS business. Previously, he spent almost 10 years at JPMorgan/Banc One as head of Residential ABS Research and director of Prepayment Modeling and Analytics.
He was individually ranked in the top 10 Home Equity Loan Analysts in the 2003 Institutional Investor All Star Analyst survey and was the Senior Home Equity Loan Analyst on a top-ranked Institutional Investor All Star ABS team in 2004 and 2005. He holds an MBA from the University of Louisville.
About Wachovia's Corporate and Investment Banking Group
Wachovia's Corporate and Investment Banking group offers a full suite of products and services to public and private companies, institutional investors, financial institutions and the financial sponsor community. Investment banking and the global markets businesses (fixed income and equities) operate under the Wachovia Securities brand and have become a global force in the capital markets arena by providing comprehensive advisory, capital raising, structuring and execution services. Wachovia's Corporate and Investment Bank also includes the 3rd largest Treasury Services business in the U.S., as well as leading asset-based lending and global correspondent banking services. The firm is built on a cohesive culture that encourages creative ideas, capital solutions, and experienced advice to all clients.
Wachovia Securities is the trade name for the corporate, investment banking and capital markets businesses of Wachovia Corporation and its subsidiaries, including Wachovia Capital Markets, LLC (WCM) and Wachovia Securities International Limited, which is authorized and regulated by The Financial Services Authority in the United Kingdom. Wachovia Securities is also the trade name for the retail brokerage businesses of WCM's affiliates, Wachovia Securities, LLC, Wachovia Securities Financial Networks, LLC, Wexford Clearing, LLC, and First Clearing, LLC.
About Wachovia
Wachovia Corporation (NYSE:WB) is one of the nation's largest diversified financial services companies, providing a broad range of retail banking and brokerage, asset and wealth management, and corporate and investment banking products and services. Including the Golden West merger, Wachovia has retail and commercial banking operations in 21 states with 3,400 retail banking offices from Connecticut to Florida and west to Texas and California. In addition, two core businesses operate under the Wachovia Securities brand name: retail brokerage with 740 offices in 49 states and in Latin America, and corporate and investment banking in selected industries nationwide. Other nationwide businesses include mortgage lending in 39 states and auto finance covering 46 states. Globally, Wachovia serves clients through more than 40 international offices. Online banking is available at wachovia.com; online brokerage products and services at wachoviasec.com, and investment products and services at evergreeninvestments.com. Based on June 30, 2006, pro forma data, Wachovia has combined assets of approximately $700 billion and as of Sept. 29, 2006, a combined market capitalization of $107 billion.
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