Wachovia hires SocGen equity derivatives banker

Michael Collins has joined Wachovia Securities as head of its corporate equity derivatives origination team.

He moves from Société Générale, where he was group head of the Americas corporate and high-net-worth equity derivatives sales division.

At Wachovia, Collins will be based in North Carolina and report to Andy Sanford, head of equity capital markets. He fills a vacancy at the bank that has existed for a number of months.

Before joining Société Générale, Collins worked at UBS for 14 years, 10 of which were in corporate equity sales. During his tenure at the Swiss bank he spoke out against the declining use of equity derivatives for corporate hedging due to corporate scandals, weak equity markets and mark-to-market accounting.

Société Générale did not comment on a replacement for Collins.

See also: Corporates not properly hedging equity exposures, says UBS banker