DrKW appoints new head of capital markets prop trading

Dresdner Kleinwort Wasserstein (DrKW), the investment banking division of Dresdner Bank, has appointed Richard Huston to the new position of global head of capital markets risk trading.

Based in London, Huston will co-ordinate proprietary trading across all asset classes in the capital markets division. He reports to Steve Bellotti, DrKW's new global head of capital markets.

Bellotti was hired in September to make the unit function more efficiently, a spokeswoman said, and this is the latest stage of DrKw's restructuring drive. But she said the appointment was not a precursor to increasing DrKW’s risk appetite in its proprietary trading activities.

“Richard will help to ensure that DrKW’s trading risks are effectively managed in the context of the overall trading portfolio," said Bellotti. "The aim... is to strengthen our approach to active and focused proprietary risk management,”

Prior to joining DrKW, Huston spent 11 years at Merrill Lynch, where his roles included head Pacific Rim debt markets, head of fixed-income trading in London and head of trading in Frankfurt.