Merrill Lynch & Co shifted its top fixed income sales executive Dough Mallach to a new position that will sell off assets linked to the floundering mortgage market.

Mallach will lead a group at the firm that will sell collateralized debt obligations as Merrill moves to reduce its exposure to risky securities.

He working together with global product heads to structure, market and distribute the assets, according to an internal memo dated May 21 from the head of Merrill's fixed-income, currencies and commodities unit, David Sobotka.

Mallach, 39, has worked in FICC sales since 2005. He has been with Merrill for 17 years.