Kevin Ferro, formerly head of Commerzbank’s New York-based Alternative Investment Strategies (AIS) unit, has left the firm, along with five members of his team. A Commerzbank spokesperson in New York said that Ferro and his colleagues have set up a new company, “presumed to be a hedge fund.”As a result of the departures Ricardo Pascoe, managing director and executive general manager for the Americas has stepped up to assume direct responsibility for the firm’s global AIS activities. Also, the AIS unit will now be fully integrated into the 550 person, multi-asset class Derivative Product headed by Mark Richardson, global head of derivatives.
“The integration of the AIS activities into the Derivative Product will enable us to provide a much stronger platform from which to substantially accelerate the growth of this business” said Richardson. “In addition we must continue to increase the accessibility of these products to retail customers via our Private Clients division.”
Pascoe added: “We have established a good track record in our alternative investment portfolios and will now focus on leveraging our global distribution. We will aggressively grow the assets under management through the offering of new and innovative products that will be tailored to meet the specific requirements of our client base.”
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