Credit Suisse Group (CS) is bulking up its asset-backed securities team, hiring Jay Kim from Barclays Capital, according to an internal Credit Suisse memo. Around 10 other members from his team are also moving, according to a person familiar with the matter.

Kim, who was co-head of securitized-products origination for the Americas at Barclays until Monday, will run the ABS business at Credit Suisse, starting in May. Another Barclays PLC (BCS, BARC.LN) alum, Michael Wade, and longtime Credit Suisse executive Tricia Hazelwood currently head Credit Suisse's asset-backed team in New York.

It is unclear at this point whether Wade and Hazelwood will find other opportunities at Credit Suisse or leave the bank. Wade moved over from Barclays just last April.

The move appears to be focused on increasing the asset-backed business at Credit Suisse. The market has seen steady issuance this year and the consumer-loan-backed portion has recovered from the financial crisis after receiving considerable support from the Federal Reserve through a program geared to propping it up.

When Wade moved to Credit Suisse last spring, it was widely believed more Barclays traders would make the switch. Wade joined Barclays in 1994 and was appointed a managing director in 2002.

Hazelwood, his co-head at the Swiss bank, joined CSFB in New York as vice president in 2000 from CSFB in Australia, where she had worked in the investment banking team since August 1995.

Until Kim starts at Credit Suisse, essentially replacing his former boss Wade, Albert Sohn will act as interim head of the asset finance goup at Credit Suisse.

The asset finance team at Credit Suisse is being moved into the global structured products group within fixed income, according to an internal Credit Suisse memo.

"Given the sizable risk transfers that are expected to take place over the next several years, we believe that this alignment of origination, advisory, structuring, trading and distribution will allow us to deliver seamless solutions for our clients and capitalize on our market-leading position in securitized products," the memo reads.

Kim and Cory Wishengrad served as co-heads of securitized products origination at Barclays since Wade left. Wishengrad, who focuses on esoteric asset-backed deals, is still at Barclays.

"We remain fully committed to our securitization business, which is supported by a talented group of professionals across origination, sales, trading and conduit," Brandon Ashcraft, a spokesman for Barclays, said in an emailed comment.

Brian Wiele runs the asset-backed syndicate platform at Barclays.

-By Anusha Shrivastava, Dow Jones Newswires; 212-416-2227; anusha.shrivastava@dowjones.com