JP Morgan exotics exodus continues

JP Morgan Chase, which lost its head of exotics Chris French this month, has suffered two further defections from its team that won Risk’s ‘structured product award for innovation’ last year.

Axel Killian, who co-headed marketing for the equity exotics group, has quit the US bank to join Lehman Brothers as head of equity derivatives marketing for Europe. Martin Bertsch, head of financial engineering for JP Morgan’s equity hybrids group, will also move to Lehman Brothers to take up a similar position in equity derivatives.

Meanwhile, Juergen Boesler, head of equity derivatives marketing for Germany and Austria, will also defect to Lehman Brothers, according to sources. He will run Lehman’s marketing effort in Germany and Austria for equity derivatives structuring and flow business.

Andrea Morresi, co-head of marketing equity exotics at JP Morgan, will become overall European head of equity derivatives marketing to investors. Lucia Pelliccioli will replace Bertsch in structuring.

JP Morgan has also named Neil McCormick, a senior trader in its exotics and hybrids business, as head of its structuring team - a new position.

Killian and Bertsch are due to start work at Lehman Brothers on May 9.