Semerci to head Duet after leaving Merrill

Duet Group, a London-based alternative asset manager, has appointed Osman Semerci as chief executive and partner.

Semerci will be responsible for the day-to-day management of the group, as well as building a structured products division. He was previously Merrill Lynch’s global head of fixed income, currencies and commodities, and co-president of Europe, Middle East and Africa, global markets and investment banking.

He was dismissed from the bank last October after profits in his division suffered as a result of the credit crisis in the second half of last year. Merrill Lynch reported $5.6 billion losses for its fixed-income, currencies and commodities business in its third-quarter 2007 results. This includes writedowns of $7.9 billion across collateralised debt obligations and US subprime mortgages.

See also:
Merrill fires two executives after subprime crisis
Merrill makes changes after subprime losses