Bear Stearns has transferred James Kenny, head of corporate bond trading in New York, to head the office's credit derivatives flow trading desk. Mark Davies, senior managing director and global head of credit derivatives in New York, said the move follows a reorganization that saw the former co-head, Martin St Pierre, move to London as global head of structured credit derivatives trading (DW, 9/7). Eric Langille, the other former co-head, recently left the firm and joined Commerzbank Securities, as head of credit flow trading (DW, 8/18).
The recent restructuring has been predicated on ensuring the firm's flow and structured credit derivatives businesses are appropriately staffed, said Davies. While the flow business tends to be regional, with little overlap, structured credit is global by nature, he explained. St Pierre is experienced and the London location allows easier management of time zones, he said.
Other changes at the firm include the promotion of Jeff Zavattero, a senior structured credit derivatives trader in New York, as co-head of the desk, alongside Lex Maldutis. Maldutis joined the firm from Credit Suisse First Boston in the summer. Mark Timmis, former director and head of flow credit derivatives trading at CSFB, also joined the firm earlier this summer as head of European flow credit derivatives trading in London (DW, 6/15).