Morgan Stanley in London has hired five equity derivative salesmen to establish itself in the hot German market. Bernhard Wenger, previously at BNP Paribas, comes on board as an executive director, covering structured equity sales. Four others join for flow sales from Dresdner Kleinwort Wasserstein: Matthias Rode and Uwe Warpak as executive directors and Christian Stock andChristian Schalke come on board as v.p.s.
The firm previously had one salesman, Roman Lutz, covering the region, but he departed at the start of the year (DW, 1/20). The new hires show Morgan Stanley is taking the German market--which has one of the highest levels of structured product issuance in Europe--seriously, said an official close to the firm.
Eduard Stipic, spokesman for DrKW in Frankfurt, said the vacated roles are being covered internally, declining further comment. Ruth Lavelle, spokeswoman for BNP Paribas, said Wenger will be replaced.