Commerzbank boosts US derivatives distribution team

Commerzbank Securities, the investment banking arm of Germany's Commerzbank, has hired Judith Erdman as head of third-party distribution in the US. She will report to Sam Gottesman, Commerzbank's New York-based head of distribution for derivatives in the Americas.

Erdman will build the third-party business using joint marketing with regional banks and securities firms. She will focus on a range of multi-asset class, plain vanilla and structured products, concentrating on marketing to high-net worth individuals, as well as a wider retail audience.

Erdman was previously a director within Merrill Lynch’s corporate and institutional client group. She has also worked at Lehman Brothers and Daiwa Bank.

Commerzbank has also hired Michael Belbeck as senior hedge fund salesman for equity derivatives at its New York office.

Reporting to Kumar Doraiswami, co-head of global hedge fund distribution, Belbeck will co-ordinate the marketing of equity derivatives to institutional accounts. He will also spearhead sales efforts to the hedge fund community for equity derivatives.

Belbeck was previously with Credit Suisse First Boston in equity derivatives structuring and marketing, and has also worked at Lehman Brothers and Merrill Lynch.p>Gottesman said hedge funds have provided the dominant flow in the equity derivatives business in the last six to eight weeks, as a result of the increased volatility in the underlying market.