Bloomberg News

Royal Bank of Scotland CMBS Trading Head Sedmak Departs

December 06, 2011

(Updates with Eichel comment in third paragraph.)

Dec. 5 (Bloomberg) -- Craig Sedmak, the head of commercial- mortgage bond trading at Royal Bank of Scotland Group Plc, has left the bank, according to people familiar with the situation.

Sedmak, who was based in Stamford, Connecticut, is departing to pursue interests outside of financial services, said the people, who declined to be identified because the move hasn’t been made public. Sedmak and Pholida Phengsomphone, a spokeswoman for RBS, declined to comment on the departure.

“RBS is committed to its CMBS origination and distribution model that helped to reshape the current CMBS market,” said Scott Eichel, global head of securitized products and head of U.S. credit at RBS. “It’s one of our biggest growth sectors for 2012.”

RBS joined with Wells Fargo & Co. to sell $1 billion of bonds last month backed by commercial mortgages, according to data compiled by Bloomberg.

Sedmak joined RBS in 2008 after a decade working for Bear Stearns Cos., according to records from the Financial Industry Regulatory Authority. Jeffrey Wilson, Todd Jaeger and Cory Rothman will continue to trade commercial-mortgage bonds for the lender in Stamford, reporting to Adam Siegel, the people said.

--Editors: Pierre Paulden, John Parry

To contact the reporter on this story: Sarah Mulholland in New York at smulholland3@bloomberg.net Jody Shenn in New York at jshenn@bloomberg.net

To contact the editor responsible for this story: Alan Goldstein at agoldstein5@bloomberg.net


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