Westdeutsche Landesbank is beefing up its derivatives marketing team in the U.S. as part of a plan to boost its sales presence in the North American derivatives markets. The firm recently hired Brian Colgan, a senior derivatives marketer from Commerzbank Securities, according to an official at the bank. Colgan, who joined WestLB's New York office last month, is focusing on marketing derivatives products to non-European clients in the U.S. and Canada. Colgan declined to comment.
The firm plans to make several more hires for the group over the course of the next six months, the official said. The bank expects the U.S. economy to recover next year and it sees now as a good time to hire in preparation for increased business. "We want to use our strong presence in Europe to help develop better inroads in North America," the official added. Colgan reports to David Kwun, head of corporate derivative sales in New York. Kwun did not return calls.
While at Commerzbank, Colgan reported to Joe Mahfouz, head of North American derivatives. Mahfouz did not return calls.