TD Securities' attempt to build a structured credit franchise took a step back last week when Andrea Fabbri, head of sales, added his name to the growing list of departing sales staffers, as first reported on DW's Web site (www.derivativesweek.com) last Wednesday. Fabbri joined the firm last February from IntesaBci in Milan (DW 24/02/03). Fabbri, reached by cell phone, and Genevieve Rooney, spokeswoman at TD in London, declined comment. Shane Akeroyd, European head of sales in London, could not be reached. Fabbri's departure follows that of Conor Gallaghar, a co-head of the group, who left earlier this year to join Barclays Capital. Other structured credit sales officials who have resigned from TD this year include: Harald Berlinicke, who quit to join New Bond Street Asset Management; Daniel Seeviour, who joined Société Générale; and Friedemann Gerhardt, who jumped ship to Dresdner Kleinwort Wasserstein.
The move comes just months after TD hired Philippe Hatstadt, head of structured credit derivative trading at Merrill Lynch, to add credibility to the product development side of its business. One observer said this could not have come at a worse time, adding, "Just as it's got its product side sorted, its sales team has started to fall apart."
TD watchers speculated that the firm is having a hard time breaking into the market. The firm also recently withdrew from the U.S. high-yield market to re-focus its New York operations (DW, 6/13).
