A pair of derivative salesmen has quit Lehman Brothers' structured solutions business in London. Mark Wegbrands, a director who sold credit, rates, hybrids and fund derivatives into Benelux, has jumped to Merrill Lynch and Michele Bareggi, who sold derivative products into Italy, also departed last week.
Reached on his cell, Wegbrands declined comment on his new role and Alex Pettifer, spokesman for Merrill, did not comment on the hire by press time. Credit officials connected him with a hedge-fund sales role. Bareggi could not be contacted and it could not be determined if he has taken a new position. The salesmen reported to Philippe Dufournier, managing director in the structured solutions group, who could not be contacted by press time.
Separately, Dominic O'Kane, head of fixed income quantitative research at Lehman, has also resigned. O'Kane declined comment, but an official familiar with the situation said he is exiting the industry. O'Kane reported to John Wilson, who could not be reached by press time. Mark Lane, spokesman at Lehman in London, declined comment beyond confirming all three departures.