Wilmington adds new head of derivatives

Wilmington Trust Investment Management (WTIM) has named Stephen Davenport as its head of derivatives, a newly created position.

WTIM, a subsidiary of the US wealth management company Wilmington Trust, said it is building up its derivatives expertise to deal with market risk and tax avoidance for wealthy clients. Davenport will focus on reducing exposures to concentrated stock positions by using tools such as options and collars, WTIM said.

"Given the inherent volatility of the financial markets and the increasing complexity of new investment products, it's important that affluent individuals and institutional clients have access to customised strategies designed to produce superior returns, manage risk and control taxes," said WTIM's head of equity management, Rex Macey.

Davenport joins WTIM from Columbia Management Investment Advisors, where he led the risk management group.