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Philip Weingord and Jorge Calderon, Deutsche Banc Alex. Brown's co- heads of asset-backed securities, never seem to be too far apart from each other, their adjoining offices separated merely by a glass divider. It is not much different from when they were wedged together as deskmates in a fledgling structured finance shop 10 years ago.
Such tight teamwork over the years has produced one of the most successful and least tempestuous partnerships on Wall Street. In an era when a business run by co-heads usually means one partner will ultimately walk out, the collaborative reign of Weingord and Calderon is a visible exception.
"It's a marriage of sorts," says Michael Raynes, a managing director in the asset-backed securities group who has worked for the duo for almost eight years. The two have been through so much, and can anticipate each other's thoughts so well, that they are known for routinely finishing one another's sentences.
Jumping to the top
This symbiotic relationship has paid off in regards to Deutsche's startling jump in ABS performance, which is unparalleled in the ABS market, indeed in most markets. Since moving to Deutsche from Credit Suisse First Boston last May, Weingord and Calderon have put Deutsche firmly on the ABS map. Deutsche ranked sixth in ABS at year-end 2000, up from fifteenth in 1999, and its deal volume rose by $20 billion. The two are confident that Deutsche will be the top-two or -three ranked ABS underwriter this year.
The league table jump is comparable to the quantum leaps...