Ixis sets up credit proprietary trading desk

Ixis corporate and investment bank has hired two former Société Générale (SG) traders to set up a credit proprietary trading desk in London.

The traders will focus on quantitative strategies in the credit index markets, and plan to start trading at the beginning of September.

Philippe Donnat, who was head of SG’s credit index and options business in London, will head the new operation when he joins later in August. He will report to Kurt Jaïs-Nielsen, co-head of Ixis’s complex credit and securitisation unit with Stéphane Kourganoff.

Laurent Beruti is appointed as director and trader, and will report to Donnat, who he worked with at SG.

Ixis, based in Paris and rated AAA by Standard & Poor’s, was formed in June 2004 when Caisse des Dépôts passed its 43.55% equity holding in CDC Ixis to Caisse Nationale des Caisses d’Epargne.