21 Jul 2005, Hann Ho, Risk magazine
Nick Woolnough, who was head of financial institutions coverage for northern Europe in structured capital markets at Deutsche Bank, is appointed as managing director with responsibility for developing JP Morgan’s strategic solutions business in northern Europe. Woolnough will also report to Best.
Meanwhile, Laurent Depraz joins JP Morgan in Paris as vice-president and head of derivatives marketing for France, Belgium and Luxembourg, and will report to Badrichani. In his previous role for Dresdner Kleinwort Wasserstein, he headed the German bank’s multi-asset marketing unit in Paris.
Toby Smith joins as vice-president responsible for the non-public sector derivatives unit in London for northern Europe, and will report to Wilson. Previously, Smith headed Citigroup’s European corporate equity derivatives business.
The appointments would appear to mark an end to the departures that have afflicted JP Morgan in the past six months. A senior derivatives headhunter familiar with the appointees described the hires as ‘significant’, in particular that of Badrichani.
JP Morgan is keen to stress that these appointments are part of its drive to push its derivatives marketing business forward as a more streamlined unit. “Following the development of hybrid products in the past few years, we’ve been creating more joint ventures within the firm this year by bringing together teams from across our different client units – particularly between financial institutions, corporates and the public sector,” said Best.
The most notable departure from JP Morgan this year was that of Antonio Polverino, who took with him an unprecedented 22 of his corporate derivatives sales team to Merrill Lynch in June – one of the largest single defections seen in the European derivatives business.
Polverino had only been promoted in March as head of corporate derivatives marketing in credit, rates and equities. A source familiar with the situation said Polverino left following disagreements over the bank’s plan to integrate different business units.