UBS Woos Behlman From Morgan Stanley

Adam Behlman, who was set to joinMorgan Stanleyas co-head of commercial mortgage-backed securities structuring, never got there. He has changed his plans and will now take a position in the new all-star CMBS group being put together byJim ReichekatUBS. Morgan Stanley hired Behlman fromDeutsche Banklast month (REFI, 5/22).

Behlman, who was supposed to start at Morgan Stanley this month, will be co-head of U.S. CMBS capital markets at UBS. His duties will include overseeing CMBS structuring and trading withMark Green. Calls to Behlman and Reichek were quickly referred to a UBS spokesman, who declined to comment. Morgan Stanley officials also declined to comment.

Reichek has been signing up talent from all over Wall Street since UBS launched a new CMBS group earlier this year, including teams from Morgan Stanley andBear Stearns. Switcheroos like this don't often happen in the CMBS market, executives said, speculating that Behlman moved to UBS because he would have more responsibility.