SocGen's McGarvey Jumping to BNP Paribas
Managing director Daniel McGarvey has resigned as head of securitization banking and syndication at Societe Generale to join rival BNP Paribas.
McGarvey, who left SocGen last week, will assume a similar role at BNP following a gardening leave of undisclosed length. He will remain based in New York.
At SocGen, McGarvey reported to managing director Fouad Farah, head of the U.S. asset-backed products group. His oversight responsibilities included the commercial MBS operation. CMBS chief Wayne Potters, who had reported to both Farah and McGarvey, now reports solely to Farah.
Managing director Robert Pucel has assumed McGarvey’s oversight role for the asset-backed banking team, which advises non-CMBS issuers and underwrites their securitizations. Pucel continues to run new-issue syndication of CMBS, asset-backed securities, residential MBS and CLOs. SocGen plans to add a vice president to the syndication desk, which now consists of Pucel and analyst Lisa Schexnayder. Pucel, who had reported to McGarvey, now reports to Farah.
McGarvey and Pucel, who previously filled similar roles at RBS, were among a number of securitization staffers who jumped from that bank to SocGen in 2015. The pair had joined RBS together in 2004 from Bank One.
Farah heads SocGen’s asset-backed business in the Americas, encompassing about 75 staffers who work on structured-product banking, distribution, trading and sales. In addition to working on CMBS and other types of term securitizations, his group syndicates leveraged loans to middle-market companies and manages an asset-backed commercial paper vehicle that had about $6 billion of short-term securities in the hands of investors at yearend.
SocGen is a mid-size player in the CMBS sector. The bank contributed $994.7 million of mortgages to CMBS deals in the first half, ranking 12th among 26 loan contributors. That volume was more than three times higher than a year earlier.
Potters plans to keep expanding his CMBS unit by adding a handful of originators and underwriters by yearend. The latest addition to his team was Shabab Manzoor, an underwriter who came aboard in New York last month. Manzoor, who reports to CMBS underwriting head Rhonda McGovern, was previously a vice president at Benefit Street Partners.
CORRECTION (9/7/18): This article has been revised to eliminate a duplicate sentence.