Structured moves

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Quote of the Month: "Rich people are sold to continuously. They want someone they can trust, someone that is dedicated to their needs and not just product pushers like so many private banks seem to be these days" - Michael Maslinski, founder and chief executive officer of UK-based FO Maslinski & Co

In a move that has mesmerised the American structured products industry, one of its most prominent executives has filed a $138 million lawsuit against Citigroup after he was fired.

Ramesh Menon, 43, a managing director and head of US structured products, filed the suit shortly after claiming that because he was of Indian descent, he had been systematically underpaid and denied promotions to which he was entitled.

Menon's counsel, Richard Horowitz, stated: "We think it's a retaliatory termination."

Citigroup issued a statement noting that it "has respect" for Menon's right to file the lawsuit, but that it will vigorously contest it on the merits.

Menon joined Citigroup in 1996, and said he was demoted in February from head of global structured products after complaining to human resources officials. Menon said his 2004 compensation of $2.25 million was 1% of his unit's revenue, "well below" industry norms.

The American Stock Exchange (Amex) has hired Richard Russo as vice-president of marketing at the ETF Marketplace. Russo will be responsible for order flow and product marketing for the ETF product line. He will report to Cliff Weber, senior vice-president of the ETF Marketplace.

Prior to joining the Amex, Russo was senior vice-president and director of business development for Aprilante & Bomba, a New York Stock Exchange member firm. He has also worked extensively with equity and equity derivatives products at both the exchange and practitioner level with positions at the NYSE and the New York Futures Exchange, where he was was responsible for developing new business and markets for NYFE futures and options.

Des Crowley, currently chief executive of Bank of Ireland's Retail Financial Services Ireland (RFSI), has been appointed chief executive of the bank's UK Financial Services (UKFS).

Richie Boucher, currently chief executive, Corporate Banking, will replace Des Crowley as chief executive RFSI. Boucher will also join the Group Executive Committee.

These changes take place with effect from January 1, 2006. Bank of Ireland last month won Structured Products' Best in Ireland award and is a prominent structruer of products for some of the UK's biggest structured products distributors, including Bristol & West.

Deutsche Bank last month said that Yassine Bouhara will take responsibility for cash equities trading globally in addition to his role as head of global equity derivatives, effective immediately. Bouhara joined Deutsche Bank in early 1996 to set up the European equity derivatives business, and will continue to be based in London.

Ralph Reynolds becomes global head of equity proprietary trading and will relocate to New York. Reynolds joined Deutsche Bank in 1998 and was appointed global head of cash equities trading in 2002.

London-based BlueBay Asset Management has appointed Alex Khein as chief operating officer, a new position.

Khein was previously head of structured products at BlueBay, specialising in developing CDOs and low-leverage products.

He will be replaced by the new joint heads of structured products, Linda Lysell and Wei Foong Lee. He will become the fourth member of BlueBay's management committee, joining CEO Hugh Willis, CIO Mark Poole and CFO Nicholas Williams.

Allfunds hires Adler to head UK operations

Richard Adler is to join Allfunds Bank as UK operations manager.

He has previously worked for JP Morgan FundsHub and joins from his current role at Selestia, where he is head of relationship services. He starts on December 5.

"The opportunities for platforms are well documented and I am really looking forward to the challenges of rolling out Allfunds Bank in the UK," Adler says. "The platform is already based on proven technology and operational efficiencies which gives us a fantastic base from which to build".

Allfunds UK Director, Holly Mackay (pictured), says: "Richard has extensive experience of the local fund industry and platforms and his appointment underpins our commitment to the UK market. Allfunds has built very strong relationships with asset managers and distributors in Europe, largely due to our operational efficiencies, and it is imperative that we replicate this in the UK."

Allfunds Bank is currently half owned by Spain's Grupo Santander, half owned by Italy's Gruppo Sanpaolo IMI, and is Europe's largest third party fund platform. With EUR23 billion under administration, the group deliver third party fund execution, investment consulting services and various tools and data to wholesale distributors.

There are now four UK staff, supported by a team of 110 people in the Madrid head office and the Italian office. Plans are to expand the local team to 12 early next year, Mackay says.

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