Bank of Montreal has hired Emma Vassallo and Lucile de Carbonnières, v.p. and director in credit product sales at TD Securities, as managing directors in the global financial product division. Rod Jones, executive managing director and head of international capital markets in London, said the hires are part of the firm's plans to grow its credit derivatives group. "Credit derivatives will become the biggest derivatives market in the next five to 10 years," said Jones, adding, "This is the basis of banking."
Vassallo and de Carbonnières will cover sales for the Benelux region, France, Austria and Germany. The firm has also hired Alvaro Olias, v.p. at Westdeutsche Landesbank, to cover Spain. The new recruits report jointly to Giorgio Simioni, head of sales in London, and Jones. Officials at WestLB and TD Securities declined comment.