Housing is recovering. The Fed has your back. The consumer is healthy. All things that would suggest the commercial-mortgage bond business should be on the cusp of a renaissance. So the question is - what did Brett Ersoff and John Herman see, seven short days after being promoted to run the UBS real-estate finance division, that made them depart the venerable Swiss firm with the paintball sized Stamford trading floor?
Brett Ersoff and John Herman, who took over the commercial-mortgage bond group at UBS AG (UBSN) last week after the group’s head departed for Bank of America Corp., have left the bank, said two people familiar with the moves who asked not to be identified because they haven’t been announced.
Ersoff and Herman were named co-heads of real-estate finance and mortgage-backed securities after Kenneth Cohen exited to become the global head of commercial real estate at Bank of America in New York, UBS confirmed on March 28.
Megan Stinson, a spokeswoman for Switzerland’s largest lender, said she couldn’t comment on the latest departures, reported earlier today by Debtwire. Ersoff and Herman couldn’t immediately be reached for comment.