Redwood Trust (RWT) appointed Brett Nicholas as president on Thursday, a title previously held by CEO Martin Hughes.

Nicholas was previously the real estate investment trust’s chief investment officer and chief operating officer. Fred Matera will replace him as the CIO, moving up from his managing director role he took in 2008.

Hughes will remain the CEO.

“Brett has demonstrated strong leadership as Redwood’s chief operating officer since his appointment to the position in 2010, as well as over his nearly 16 years with the company,” Hughes said. “Brett and I have worked together closely for several years, including as co-chief operating officers, and I have the highest regard for his contributions to Redwood and for his role in the future success of the company.”

Redwood is the only firm to issue a privately funded residential mortgage-backed security since the market collapsed in 2007. It is currently bringing a fourth one since then valued at $415 million, according to a pre-sale report from Fitch Ratings.

Before joining Redwood, Matera was the co-head of structured credit at RBS Greenwich Capital.

“Fred’s deep experience and insight into fixed income capital markets has been invaluable in growing our business, and developing successful risk-adjusted investment strategies for Redwood,” Hughes said.

Write to Jon Prior.

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