New York-based broker-dealer Avatar Capital Group has hired Icap's former credit hybrids team, including Bill Mertens, the firm's former head of credit hybrids.
The team also includes Kregg White, a broker who formerly worked at Icap in New York.
The new hires follow Icap's decision to shutter its credit hybrids desk in July this year. At Avatar Capital Group, the team will continue its work on intermediating trades in contingent credit default swaps (CCDS) and quanto CDS.
A quanto CDS is a CDS