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CMA
January 20, 2017  

Masso Replaces Brown in Credit Suisse Post

Managing director Mark Brown stepped down last week as head of the commercial MBS group at Credit Suisse and was replaced by director Matthew Masso.

Brown held the post for nearly four years, leading a team that included longtime associates who had worked with him at Nomura, Centerline Capital and other shops. He remains at Credit Suisse in an advisory role.

The change doesn’t signal a strategic shift at Credit Suisse, according to people inside the bank, who added that it plans to continue floating conduit deals and step up its origination of large loans.

Masso joined the bank’s CMBS trading desk in 2013 after an eight-year stint at Bank of America, where he focused on sizing and structuring loans, as well as handling negotiations with B-piece buyers. He initially reported to head CMBS trader Christopher Callahan, another BofA alumnus. Masso later moved over to Brown’s CMBS group, where his duties included sizing, structuring and hedging loans earmarked for securitization.

The other staffers in the commercial real estate finance unit remain in place. They include managing director John Tesoriero, originations chief Stefanos Arethas and directors Dante LaRocca and Chuck Lee.

Credit Suisse’s CMBS operation has seen some high-profile departures since late 2015, including Callahan, originator Jeremy Stoler and deal-structuring pro Ed Mikus. The exits fueled rumors that Credit Suisse might be edging away from the CMBS sector, especially in the wake of the implementation of onerous securitization and banking regulations. But all along, Credit Suisse executives have insisted the bank was committed to the sector.

The bank has recently shuffled a number of senior staffers. In September, Brian Chin was promoted to chief executive of global credit markets, replacing Timothy O’Hara, who left the bank. Jay Kim succeeded Chin as head of securitized products. And Michael Dryden succeeded Kim as head of the asset-finance group, which includes commercial real estate finance. Masso reports to Dryden.

Last year, Credit Suisse ranked eighth among CMBS bookrunners, with $4.8 billion of volume. It contributed $1.5 billion of loans to CMBS transactions, ranking 14th among 37 shops.