BofA fills sales gaps with derivatives experts

Banc of America Securities, the investment banking arm of Bank of America (BofA), has hired a number of derivatives experts in London to fill gaps in its sales team. The hires are part of a bid to expand the bank’s European fixed income and derivatives markets.

Brian Heyworth, head of the global markets group, sales, for Europe, told RiskNews that the sales teams have been re-arranged from a previously product-focused organisation into geographic groups delivering a range of products to institutional clients. The sales teams are now streamlined into four geographical regions: UK and Ireland, northern Europe, southern Europe and France/Benelux.

Diego Martinez joins as a principal, responsible for structured credit marketing in Iberia. Since 1997 he was director of fixed-income sales for cash and derivatives on the Iberian desk at UBS Warburg. He also spent four years at Deutsche Bank Securities in Madrid, marketing and trading equity futures and options.

Kevin Cummings was named associate, responsible for structured credit marketing, principally to UK accounts. Cummings was previously responsible for credit derivatives and corporate finance origination at Enron Europe, and spent three years at Dresdner Kleinwort Wasserstein working in global debt origination for the utility and energy team.

Karin Cassa joins as vice-president responsible for sales of interest rate derivatives products for the Benelux region. She previously marketed interest rate derivatives products at Merrill Lynch International and previously worked for Banque Paribas and Robeco Group.

The re-organisation follows the appointment of William Fall as president of Bank of America, Europe, Middle East and Africa in October last year. Heyworth said BofA’s investment banking unit had hired 10 sales executives in Europe so far this year. The bank is in negotiations to hire more regional sales executives.